Question
Rs. 8,000 is invested in scheme ‘A’ offering simple
interest of 18% p.a. and Rs. 6,000 in scheme ‘B’ offering simple interest of 7% p.a. What is the difference in interests earned from the two schemes after 3 years?Solution
Interest earned from scheme ‘A’ = (8000 × 3 × 18) ÷ 100 = Rs. 4320 Interest earned from scheme ‘B’ = (6000 × 3 × 7) ÷ 100 = Rs. 1260 So, difference in interest earned = 4320 – 1260 = Rs. 3060
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