If a sum of ₹5,000 is taken at a simple rate of interest of 15% per annum for…
2024
If a sum of ₹5,000 is taken at a simple rate of interest of 15% per annum for 3 years and another sum of ₹8,000 is taken at a simple interest of 12% per annum for 4 years, the positive difference of the interests paid is:
- A.
₹1,643
- B.
₹1,590
- C.
₹1,286
- D.
₹1,378
Attempted by 11 students.
Show answer & explanation
Correct answer: B
First Interest Calculation:
Principal (P) = ₹5,000, Rate (R) = 15%, Time (T) = 3 years.
Interest = (5,000 × 15 × 3) / 100 = ₹2,250.
Second Interest Calculation:
Principal (P) = ₹8,000, Rate (R) = 12%, Time (T) = 4 years.
Interest = (8,000 × 12 × 4) / 100 = ₹3,840.
Difference:
Positive Difference = |2,250 - 3,840| = ₹1,590.