Ranbir has a recurring deposit account in State Bank Of India and deposits 750 per month at
9.5% simple interest per annum for 4 years. he also has another recurring deposit account in
Bank Of India with monthly instalment of 800 at 1% lower rate for the same period. Find the
difference between the interest earned after maturity.
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Answer:
Difference in Interest = ₹ 318.5
Step-by-step explanation:
CASE : 1
Total Principal equivalent for a month = [750 × 48 × 49] ÷ 2
= ₹ 882000
Interest = [882000 × 9.5 × 1] ÷ [100 × 12]
= ₹ 6982.5
CASE : 2
Total Principal equivalent for a month = [800 × 48 × 49] ÷ 2
= ₹ 940800
Interest = [940800 × 8.5 × 1] ÷ [100 × 12]
= ₹ 6664
∴ Difference in Interest = ₹ 6982.5 - ₹ 6664
= ₹ 318.5 ←ANSWER
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