Question

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​

Answer 1

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 2

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