Question

Rakesh lent out a sum of Rs. 8000 for 5 years at 15% per annum and borrowed Rs. 6000 for 3 years at 12% per annum. How much did he gain or lose in the entire transaction?

Answer 1

Answer

SI=

100

P∗R∗T

=

100

8000∗15∗5

=Rs.6000

Amount=8000+6000=Rs.14000

Interest =Rs.6000 , Amount=Rs.14000

SI=

100

P∗R∗T

=

100

6000∗12∗3

=Rs.2160

Amount=6000+2160=Rs.8160

Interest =Rs.21600 , Amount=Rs.8160

Gain6000−2160

Gain =Rs.3840