📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Meena invests Rs. 55,000 in Scheme 'L' and Rs. 32,000 in

      Scheme 'M'. Scheme 'L' provides simple interest at 11% p.a. for 3 years, and Scheme 'M' offers 10% p.a. for 4 years. What is the difference between the simple interest earned from Scheme 'L' and Scheme 'M'?
      A Rs.5,350 Correct Answer Incorrect Answer
      B Rs.6,420 Correct Answer Incorrect Answer
      C Rs.4,140 Correct Answer Incorrect Answer
      D Rs.3,180 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      ATQ,

      We know that, simple interest = {(principal × rate × time) / 100}

      Simple interest from Scheme 'L' = (55000 × 11 × 3) / 100 = Rs. 18,150

      Simple interest from Scheme 'M' = (32000 × 10 × 4) / 100 = Rs. 12,800

      So, required difference = 18150 - 12800 = Rs. 5,350

      Practice Next
      More Simple and compound interest Questions