Question
Ragini borrowed ₹21,600 at a simple interest rate of
18% per annum, while Misthi borrowed ₹51,200 at an annual compound interest rate of 12.5%. Currently, Ragini is 14 years old, and Misthi is 16 years old. Calculate the difference in the total interest paid by Ragini and Misthi by the time they both turn 18.Solution
Time period for Ragini = (18 - 14) = 4 years Time period for Misthi = (18 - 16) = 2 years So, interest paid by Ragini = 21,600 x 4 x 0.18 = Rs. 15,552 CI = P x (1 + r/100)t - P And interest paid by Misthi = 51,200 X (9/8) 2 - 51,200 = Rs. 13,600 Therefore, required difference = Rs. 15,552 - 13,600 = Rs. 1,952
Who has been elected as the caretaker Prime Minister of Pakistan?
What is the salary equivalence for the Chairperson of the Lokpal?
Which institute has signed an MoU with the Indian Council of World Affairs (ICWA) as a step towards enhancing its expertise in international affairs and...
Which team did the Indian men’s Kho Kho team defeat to win the inaugural World Cup 2025?
Who became the youngest Asian to summit Mount Kilimanjaro in August 2024?
To boost scientific research in priority healthcare research areas, which of the following programs has been launched by the government?
What is the length of the submarine cable being laid by INCOIS near Wandoor, A&N Islands?
Which state government has launched buses with air purifiers to reduce the pollution level?
10th edition of the International Tourism Mart began in?
In the Union Budget 2022, the extension has been given for Tax Rebate till the date?
Relevant for Exams:
