Question

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?​

Answer 1

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