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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:

### 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,…(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 T_{1} = 3.

On substituting the values in (i), we get …(ii)

Case Ⅱ - Vijay

Here, we have T_{1} = 4.

On substituting the values in (i), we get …(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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