Manoj took a loan of RS. 24000 from a financer at 15% p.a. simple interest. He sent it to Mukesh at the same rate of compound interest. Find his gain after 3years
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Dear Student,
◆ Answer -
Rs 1701
● Explanation -
Total by simple interest is -
Total = P (100 + r×t) / 100
Total = 24000 (1 + 3×15/100)
Total = 24000 × 1.45
Total = Rs 34800
Total by compound interest is -
Total = P (1 + r)^t
Total = 24000 (1 + 15/100)^3
Total = 24000 × 1.520875
Total = Rs 36501
Total gain after 3 years is 36501-34800 = Rs 1701.
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