Question
Calculate the difference in the
interest earned by investing Rs. 18,000 and Rs. 15,000 at a simple interest rate of 16% per annum, for a duration of 2 years each.Solution
ATQ, Simple interest = (Principal × Rate of interest × time period) ÷ 100 So, required dierence = {(18000 × 16 × 2)/100} - {(15000 × 16 × 2)/100} = 0.32 × (18000 - 15000) = 0.32 × 3000 = Rs. 960
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