Equal sums of Rs. 7200 were lent to Amit and Sumit at 5% per annum for a period of 3 years and 4 years respectively. Find the difference of the interest paid by Amit and Sumit
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Step-by-step explanation:
Interest= PRT/100. (FOR AMIT)
= 7200×5×3/100
= 1080
Interest= PRT/100. (FOR SUMIT)
= 7200×5×4/100
= 1440
Difference= 1440-1080
= 360
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