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Question
Ashok lent out Rs.7000 at 6% and Rs.9500 at 5%. Find his total income from the interest in 3 years.
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Solution
In I case :
P = Rs.7000
R = 6%
T = 3 years
S.I. =`("P"xx"R"xx"T")/100`
= Rs.`(7000xx6xx3)/100`
= Rs.1260
In II case :
P = Rs.9500
R = 5%
T = 3 years
S.I. =`("P"xx"R"xx"T")/100`
= Rs.`(9500xx5xx3)/100`
= Rs.1425
Total income from the interest
= Rs.1260 + Rs.1425
= Rs.2685
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