Sohan took a bank loan on Diwali Offer to buy a home at the rate of 10% per annum that he will pay after 5 years and Mohan took the loan for the same thing at the rate of 12% per annum after 8 years. The sum borrowed from the bank is 10 Lakh. (a) Which formula they will use to pay the interest. (b) what will pay more interest and who will pay more amount.
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