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Maths-

General

Easy

Question

Equal sum of Rs. 7200 were lent to Ajay and Vijay at 5% per annum for a period of 3 years and 4 years respectively. What is the difference of the interest paid by Ajay and Vijay ?

hint Hint:

Find the interest of both Ajay and Vijay and then find the difference of interests.

The correct answer is: Rs 360

Complete step by step solution:
We calculate simple interest by the formula, $S I equals fraction numerator P T R over denominator 100 end fraction$ …(i)
where P is Principal amount, T is number of years and R is rate of interest
Let the sum of money = P = 7200 and Rate of interest R = 5%
Case Ⅰ - Ajay
Here, we have T₁ = 3.
On substituting the values in (i), we get $S I equals fraction numerator 7200 cross times 3 cross times 5 over denominator 100 end fraction equals R s 1080$ …(ii)
Case Ⅱ - Vijay
Here, we have T₁ = 4.
On substituting the values in (i), we get $S I equals fraction numerator 7200 cross times 4 cross times 5 over denominator 100 end fraction equals R s 1440$ …(iii)
Difference of interest paid by Ajay and Vijay = 1440 - 1080 = Rs 360
Vijay had to pay an extra of Rs 360 than Ajay.

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