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
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