Mohan borrows a sum of money from Ravi at 12% per annum for 2 years and lends it to Shagun at 18% per annum for 1.5 years. How much amount did Mohan earn in the whole transaction?
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Step-by-step explanation:
interest = principal*rate*time
profit = interest earned - interest paid
profit = p(.18)(1.5) - p(.12)(2)
= .27p - .24p
= .03p
Mohan earned 3% of the amount borrowed
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