Salina borrows 15,000 at 10% per annum for 3 years at simple interest and Monika borrows
the same amount for the same time period at 8% per annum compounded annually. Who pays
more interest and by how much?
plzz answer the question quick....
unwanted answers will be reported.......
Answers
Answer:
Hey Buddy!! Your answer to this answer is that Monika have to pay more interest and by ₹1700
Step-by-step explanation:
Firstly the simple interest of Salina is as follows,
SI=P*R*T/100
=15000*10*3/100
=₹4500
Therefore,the interest of Salina is ₹4500.
Now, the compound interest of Monika is as follows,
Now we know that interest of 1 year+interest of 2 years+interest of 3 years. Therefore,interest of 1 year is,
I=P*R*T/100
=15000*8*1/100
=₹1200
Now,interest of 2 years is,
I=P*R*T/100
=15000*8*2/100
=₹2400
Now,interest of 3 years is,
I=P*R*T/100
=15000*8*3/100
=₹3600
Now,sum of the interest of 1 year+interest of 2 years+interest of 3 years is as follows,
=₹(1200+2400+3600)
=₹7200
Here,₹7200 is the interest of Monika.
Therefore, the difference between interest of Salina and Monika is,
₹(7200-4500)
₹1700
Therefore, here we conclude that Monika pays more interest than Salina by ₹1700.
Hope,this answer will help you a lot.
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Answer:
Madhuri pays more interest
Step-by-step explanation:
P = 12500
R = 10% for Madhuri and 12 for Bharati
T = 3 years
For Bharati
I=12500×12×3/100
=*4500
A=12500+4500
=*17000
For Madhuri
For the First Year1250
I=12500×10×1/100
=1250
A=12500+1250=13750
For the 2nd Year
I=13750×10×1/100
=1375
A=13750+1375
=15,125
For 3rd Year
I=15125×10×1/100
=1512.5
A= 15125+1512.5
=16,637.5
Bharati's Interest
Rupees 4500
Madhuri's Interest
(1+2+3) year interest=1250+1375+1512.5
=4137.5