Manoj took a loan of RS 24,000 from a financer at 15per cent simple interest .He lent it to Mukesh at the same rate of compound interest .Find his gain after 3 years
Answers
Answer:
1701
Step-by-step explanation:
NOTE:
Simple interest ( SI ) = ( PTR ) / 100
Where P = Principal
T = Time in years
R = Rate of interest
Amount ( A) = P ( 1+ r )^n
Where P = Principal
r = Rate of interest in decimal
n = Time in years
Case1 ( Loan )
SI = ( PTR ) / 100
SI = 24000*3*15
100
SI = 10800
Amount ( A) = 24000 + 10800 = 34800
Case2 ( Manoj and Mukesh )
A = P ( 1+ r )^n
A = 24000 ( 1 + 0.15 ) ^ 3
A = 24000 ( 1.15 ) ^ 3
A = 24000 ( 1.520875 )
A = 36501
Gain of Manoj
Amount from lent - Amount paid to loan
36501 - 34800
Gain = 1701
Answer:
The interest Manoj has to pay after 3 years=
P×0.15 ×3 = 0.45P where P is the principal
The interest he gets from compound interest=
P(1+0.15)^3 - P = P(1.15^3 - 1)
So the amount he gains = P(1.15^3 -1) - 0.45P =
P(1.15^3 -1 - 0.45) = 24000(1.15^3 - 1.45) = 1701 Rs