Question

Salina borrows 15,000 at 10% per annum for 3 years at simple interest and Monica bomo
the same amount for the same time period at 8% per annum compounded annually. Who pays
more interest and by how much?​

Answer 1

Answer:

salima

p= 15000

n=3

r=10%

I= pnr

15000+3+10/100= 163

a=15163

Monica

p= 15000

N=3

R=8%

I= 161

a= 15161

salima pays more amt. by 2/-

Answer 2

Answer:

refer to the attachment