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:

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.

    Related Questions to study

    card img

    With Turito Academy.

    card img

    With Turito Foundation.

    card img

    Get an Expert Advice From Turito.

    Turito Academy

    card img

    With Turito Academy.

    Test Prep

    card img

    With Turito Foundation.