Question

Rs 4000 were lent each to Rohit and Sunil at 15% per annum for 3 1/2 years and 5 years respectively. Find
the difference in the interest paid by them.​

Answer 1

Answer:

For the first year ,

Simple Interest SI=

100

PNR

So, SI=

100

25000×1×20

=Rs5000

So, Amount A=25000+5000=Rs30000

For the second year ,

P =30000−8000=Rs22000

So, SI=

100

22000×1×20

=Rs4400

So, Amount A=22000+4400=Rs26400

For the third year ,

P =26400−8000=Rs18400

So, SI=

100

18400×1×20

=Rs3680

So, Amount A=18400+3680=Rs22080

So, Rs22080 has to paid off to clear the loan.