Mr Khanna took a loan of rs 40000 for 2 years at 15% per annum from a
Financial institution. And rs. 60000 at 10% per annum for same duration from
the hank, How much money he has to pay as interest?
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Loan taken by Mr khanna from financial institution=rs40000 (P)
Time=2 years (T)
Rate of interest =15%(R)
Simple intrest=P×R×T÷100
=40000×15×2÷100
=rs 12000
loan taken by Mr kanna from bank=rs 60000 (P)
Time=2 years (T)
Rate of interest =10% (R)
Simple interest=P×R×T÷100
=60000×10×2÷100
=rs 12000
Total intrest= rs 12000+ rs 12000
=rs 24000
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