Advertisements
Advertisements
Question
Mr. Sharma lends ₹24,000 at 13% p.a. simple interest and an equal sum at 12% p.a. compound interest. Find the total interest earned by Mr. Sharma in 2 years.
Advertisements
Solution
Sum lends (P) = ₹24000
Rate (R) = 13% p.a.
Time (T) = 2 years
In case of simple interest,
Simple interest for 2 years = `" PRT"/100`
= `₹(24000xx13xx2)/100`
= ₹6240
In the case of compound interest,
Interest for the first year = `(24000xx12xx1)/100`
= ₹2880
Amount after the first year,
= ₹24000 + 2880
= ₹26880
Interest for the second year = `₹(26880xx12xx1)/100`
= `₹322560/100`
= ₹3225.60
∴ C.I. for 2 years = ₹2880 + 3225.60
= ₹6105.60
Total interest = ₹6240 + 6105.60
= ₹12345.60
APPEARS IN
RELATED QUESTIONS
Calculate the amount and compound interest on Rs 10000 for 1 year at 8% per annum compounded half yearly.
Mohan borrowed Rs. 16,000 for 3 years at 5% per annum compound interest. Calculate the amount that Mohan will pay at the end of 3 years.
Rekha borrowed Rs. 40,000 for 3 years at 10% per annum compound interest. Calculate the interest paid by her for the second year.
Calculate the difference between the compound interest and the simple interest on ₹ 8,000 in three years and at 10% per annum.
Rohit borrowed ₹ 40,000 for 2 years at 10% per annum C.I. and Manish borrowed the same sum for the same time at 10.5% per annum simple interest. Which of these two gets less interest and by how much?
The simple interest on a certain sum of money at 4% p.a. for 2 years is Rs1500. What will be the compound interest on the same sum for the same time?
A man borrows Rs 62500 at 8% p.a., simple interest for 2 years. He immediately lends the money out at CI at the same rate and for same time. What is his gain at the end of 2 years?
Find the compound interest on ₹ 3200 at 2.5% p.a for 2 years, compounded annually
Find the rate of compound interest at which a principal becomes 1.69 times itself in 2 years
Suppose a certain sum doubles in 2 years at r % rate of simple interest per annum or at R% rate of interest per annum compounded annually. We have ______.
