📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    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

    Practice Next
    More Simple and compound interest Questions

    Relevant for Exams:

    ask-question