Question

Roshni lent Rs 7200 at the rate of 6% per annum for 6 years and Rinki lent Rs 8500 at the rate of 5% per annum for 4 years. Who earned more interest and by how much

Answer 1

Answer:

Roshni will earn more interest by 892 Rs.

(all assumptions below are assuming that interest is simple and not compounded)

for Roshni

Principal = 7200

rate = 6%

time = 6 years

Interest = 7200 x 0.06 x 6 = 2592 Rs.

for Rinki

Principal = 8500

rate = 5%

time = 4 years

Total Interest = 8500 x 0.05 x 4 = 1700 Rs.

difference in Interest = 2592 - 1700 = 892 Rs.

Answer 2

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