Question
Rs. 7,000 is invested in scheme ‘A’ offering simple
interest of 12% p.a. and Rs. 8,000 in scheme ‘B’ offering simple interest of 6% p.a. What is the difference in interests earned from the two schemes after 3 years?Solution
Interest earned from scheme ‘A’ = (7000 × 3 × 12) ÷ 100 = Rs. 2520 Interest earned from scheme ‘B’ = (8000 × 3 × 6) ÷ 100 = Rs. 1440 So, difference in interest earned = 2520 – 1440 = Rs. 1080
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