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Question
₹ 6400 were lent to Feroz and Rashmi at 15% per annum for `3 1/2` and 5 years respectively. The difference in the interest paid by them is ₹ 150.
Options
True
False
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Solution
This statement is False.
Explanation:
Given, Feroz borrowed ₹ 6400 for `3 1/2` years at 15%
Here, P1 = ₹ 6400, T1 = `3 1/2 = 7/2` years and R1 = 15%
∴ `I_1 = (P_1 xx R_1 xx T_1)/100`
= `(6400 xx 15 xx 7)/(100 xx 2)`
= ₹ 3360
Rashmi borrowed ₹ 6400 for 5 years at 15%,
Here, P2 = ₹ 6400, R2 = 15% and T2 = 5 years
∴ `I_2 = (P_2 xx R_2 xx T_2)/100`
= `(6400 xx 15 xx 5)/100`
= ₹ 4800
∴ Difference between interests = 4800 – 3360 = ₹ 1440
Hence, the difference in interest, paid by them is ₹ 1440.
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