Asha borrowed Rs 16000 from Sarita at 7.5% per annum simple interest. On the same day she lent the whole amount to Gouri at the same rate for 2 years. How much gain Asha will get after the two years ?
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Asha gained Rs 2400 after lending the amount to Gouri
Explanation:
Simple interest = (Principal x Rate of interest x Time in years) / 100
= (16000 x 7.5 x 2) / 100
= 240000 / 100
= 2400
The simple interest that Asha gained from lending the amount to Gouri was Rs 2400.
The total amount that Gouri had to return was = Principal + Interest
= 16000 + 2400
= 18400
Thus, Asha gained Rs 2400, since Gouri had to return a total amount of Rs 18400
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