Mona gave 7000 rupees to Mishti at the rate of 8 %per annum and 5000 rupees to Rama at the rate of 7 %per annum for 6 years. Who will pay more interest and by how much?
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Answer:
Mishti will pay more interest
By 1260 Rs.
Step-by-step explanation:
6years = 12 × 6. = 72 months
72/12 =. 6
I =P×R×T/100
Mona to mishti
7000×8×6/100
=3360Rs.
Mona to rama
5000×7×6/100
2100 Rs.
3360Rs. - 2100Rs
=1260Rs.
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