equal sums of 5600 were lent to kasim and raja at 12 1/2%per annum for a period of 2 1/2 years and 4 1/2 years respectively. Find the difference of interest paid by kasim and raja
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Example 1: If Rs. 4000 is invested at 8% p.a. simple interest for 5 years, find the interest.
Sol: simple interest formula: 4000 × 8 × 5/100 = Rs. 1600
Example 2: If Rs 16,000 is invested at 12 percent simple annual interest, how much interest is earned after 6 months?
Sol: Since the annual interest rate is 12 %, the interest for 6 months is (16000x12x6)/12x100 = Rs. 960
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