Rs500 borrowed at the rate of 10% for a period of two years by pawan for simple interest and balaji for compound interest at the same rate who paid the extra interest
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P=RS 500
R=10%
N=2 years
By simple interest
I = P×R×N/100
I = 500 ×10 ×2/100
I = RS 100
By compound interest
A = P(1 + R /100) ^N
A = 500(1 + 10 /100) ^2
A = 500 ×11/10 ×11/10
A = RS 605
Therefore Balaji paid extra interest
R=10%
N=2 years
By simple interest
I = P×R×N/100
I = 500 ×10 ×2/100
I = RS 100
By compound interest
A = P(1 + R /100) ^N
A = 500(1 + 10 /100) ^2
A = 500 ×11/10 ×11/10
A = RS 605
Therefore Balaji paid extra interest
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