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₹9200 was lent to Rigved and Manish for a period of 112 years at the rate of 2% and 3% per annum simple interest respectively. What was the difference in the interest paid by them?
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By Choudhary21 ❤️
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₹9200 was lent to Rigved and Manish for a period of 112 years at the rate of 2% and 3% per annum simple interest respectively. What was the difference in the interest paid by them?
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By Choudhary21 ❤️
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Principal (p) = Rs 3000
Rate (r) = 5%
Time = 2years
Interest for the first year = (3000×5×1)/100 = 150
Amount at the end of first year = Rs 3000 + 300 = Rs 3150
Principal interest for the second year = (3150×5×1)/100 = 157.5
Amount at the end of second year = Rs 3150 + 157.5 = Rs 3307.5
∴ Compound Interest = Rs 3307.5 – Rs 3000 = Rs 307.5.
Principal (p) = Rs 3000
Rate (r) = 5%
Time = 2years
Interest for the first year = (3000×5×1)/100 = 150
Amount at the end of first year = Rs 3000 + 300 = Rs 3150
Principal interest for the second year = (3150×5×1)/100 = 157.5
Amount at the end of second year = Rs 3150 + 157.5 = Rs 3307.5
∴ Compound Interest = Rs 3307.5 – Rs 3000 = Rs 307.5.