Question
If a sum of ₹5,000 is taken at a simple rate of
interest of 15% per annum for 3 years and another sum of ₹8,000 is taken at a simple interest of 12% per annum for 4 years, the positive difference of the interests paid is:Solution
Interest for the first sum: (SI = {5000 x 15 x 3}/{100} = 2250) Interest for the second sum: (SI = {8000 x 12 x 4}/{100} = 3840) Difference: (3840 - 2250 = 1590) Positive difference of interests paid is ₹1,590.
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