1. Rahul took a loan from a bank of 120000 for two years at a certain rate of interest while Raman took aloan of 80000 for two years at the same rate of interest. If the difference between the two interest is57600, find the rate of interest.he interest being compounded
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Answer:
step-by-step explanation:
Answer:
20%
Step-by-step explanation:
P1= 120000
A1= 120000+ CI1
P2= 80000
A2= 80000+CI2
CI1 - CI2= 57600
P1 (1+R/100) ^2 - P2 (1+ R/100) ^2 = 57600
(1+R/100) ^2 (P1 - P2) = 57600
((100 +R)/100) ^2 = 57600/40000
((100 + R)/100) ^2 = 1.44
(100+R)/100 = 1.2
100+R = 120
R=20