Question

Rahul Borrows 15000 at 11% per annum for 3 years at simple interest and Ramu borrows the same amount for
same time period at 10% per annum compounded annually. Who pays more interest and by how much?​

Answer 1

rahul has to pay 15,495 rupees

ramu has to pay 15,450rupees

rahul has paid more 15495 -15450=45 rupee

rahul has paid 45 rupees more than ramu.