Question

Rakesh lent out Rs. 8000 for 5 years at 15 ℅ per annum and borrowed Rs. 6000 for 3 years at 12℅ per annum. Did he gain or loss ??
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Answer 1

Answer:

Step-by-step explanation:

Given Principal amount P = Rs 8000 Time period T = 5 years Rate of interest R = 15% p.a. We know that simple interest = (P × T × R)/100 On substituting these values in above equation we get SI = (8000 × 5 × 15)/100 = Rs 6000 Principal amount P = Rs 6000 Time period T = 3 years Rate of interest R = 12% p.a. We know that simple interest = (P × T × R)/100 On substituting these values in above equation we get SI = (6000 × 3 × 12)/100 = Rs 2160 Amount gained by Rakesh = Rs 6000 − Rs 2160 = Rs 3840Read more on Sarthaks.com - https://www.sarthaks.com/685756/rakesh-lent-out-8000-years-15-per-annum-borrowed-6000-years-per-annum-how-much-did-gain-lose