Iqbal needed capital for his business. He borrowed $60000 for 4 years at a simple interest rate of 8% per year. How much money will Iqbal pay at the end of 4 years
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Given, Principal amount lent by Rohit = Rs 60000
R = 10 %
T = 2 years
Interest =
100
P×R×T
=
100
60000×10×2
= Rs 12000
Principal amount borrowed by Rohit = Rs 60000
R = 9 %
T = 2 years
Interest =
100
P×R×T
=
100
60000×9×2
= Rs 10800
Amount gained by Rohit = 12000−10800=1200
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