Question

Riya took a loan of Rs. 24000 from a bank at 7%per annum and lent it to Rachel's for 2years at 10% p. a. How much did Rita gain?

Answer 1

$7 \times 24000 \div 100 = 1680 \\ 1680 \times 24 = 41320 \\ then \\ 10 \times 24000 \div 100 = 2400 \\ for \: 2years = 2400 \times 24 = 57600 \\ then \: 57600 - 41320 = 16280 gain \: by \: riya.$