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      Question

      Karan invested Rs. 45,000 in scheme 'X' and Rs. 30,000 in

      scheme 'Y' on simple interest. Scheme 'X' offers 10% p.a. for 3 years and scheme 'Y' offers 8% p.a. for 6 years. What is the difference in the interest earned from scheme 'X' and 'Y'?
      A Rs.900 Correct Answer Incorrect Answer
      B Rs.520 Correct Answer Incorrect Answer
      C Rs.880 Correct Answer Incorrect Answer
      D Rs.665 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      ATQ,

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

      So, simple interest received from 'X' = (45,000 X 0.10 X 3) = Rs. 13,500

      So, simple interest received from 'Y' = (30,000 X 0.08 X 6) = Rs. 14,400

      So, required difference = 14,400 - 13,500 = Rs. 900

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