Question

Sambhav borrows ₹15000 at 10% per annum for 3 years at simple interest and Rachit
borrows the same amount for the same time period at 10% per annum compounded
annually. Who pays more interest and by how much?

Answer 1

Answer:

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Answer 2

Answer:

Rachit pays more interest than Sambhav by 465

Step-by-step explanation:

Interest for Sambhav

Amount borrowed = 15,000

Rate of interest = 10%

Time = 3 yrs

SI = PIT/100

SI = 15,000 × 0.1 × 3

SI = 4500

Interest for Rachit

Amount borrowed = 15,000

Rate of interest = 10%

Time = 3 yrs

CI = P(1+i)ⁿ-1

CI = 15,000 (1 + 0.1)³-1

CI = 15,000 × 0.331

CI = 4,965

4500 < 4,965

Conclusion

Rachit pays more interest than Sambhav by 465