Dinesh wants to take a loan of rs 35,000 for 3 years and farida wants to invest rs 35,000 for 2 years. bank 1 is giving loan at 9% simple interest per annum and giving interest at 5% simple interest per annum. bank 2 is giving loan at 8% simple interest per annum and giving interest at 4% simple interest per annum. to which banks should they go to have a profitable situation?
Answers
Answer:
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Answer:
Step-by-step explanation:
Dinesh wants to take a loan of ₹35,000 for 3 years
two banks are giving him loans
Bank 1 is giving him loan at 9% per annum
Bank 2 is giving him loan at 8% per annum
Simple interest formula = Principal ×Time ×Rate / 100
Amount Dinesh will have to pay to Bank 1 =
35000×3×9/100
= 945000 / 100
= 9450
Simple interest at Bank 1 = 9450rs
amount Dinesh have to pay = 35000 + 9450
= 44450rs
Amount Dinesh will have to pay to Bank 2=
35000×3×8/100
= 840000 / 100
= 8400
Simple interest at Bank 2 = 8400rs
amount Dinesh have to pay = 35000 + 8400
= 43400rs
AS DINESH HAVE TO PAY LESS TO BANK 2 SO BANK 2 IS MORE PROFITABLE THAN BANK 1 FOR DINESH
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Farida can invest at 2 banks
Bank 1 is giving 5% interest
bank 2 is giving 4% interest
Amount she will get after investing to bank 1 :
Simple interest formula = Principal ×Time ×Rate / 100
= 35000×2×5 / 100
= 350000 / 100
= 3500rs
amount at bank 1 = 35000 + 3500
= 38500rs
Amount she will get after investing to bank 2 :
Simple interest formula = Principal ×Time ×Rate / 100:
= 35000×2×4 / 100
= 280000 / 100
= 2800rs
amount in bank 2 = 35000+2800
= 37800rs