Rakesh lent out rupees 8000 for 5 years at 8% per annum and borrowed rupees 6000 for 3 year at 12% per annum how much did he gain or loss
answer is = gain rs 3840
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Answer:
Interest on money lent by Rakesh
= 8000*5*8/100
= 3200
Interest on money borrowed by Rakesh
=6000*3*12
=2160
Profit = 3200-2160=1040
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