Question

Vivek borrowed ₹30000 from a bank at 9% per annum for 4 years. He lent this sum of money to Tanuj at 12% per annum for the same period. How much did Vivek gain in this transaction.

Answer 1

Interest Vivek has to pay = (P*I*R)/100
=(30000*9*4)/100
=10800
Interest Tanuj has to pay to Vivek = (30000*12*4)/100 = 14400

Gain = 14400 - 10800 = 3600

Answer 2

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