Two banks, A and B, offered loans at 3.5% and 6% per annum, respectively. Shivamborrowed an amount of ₹460000 from each bank. Find the positive difference betweenthe amounts of simple interest paid to the two banks by Shivam after 3 years positivedifference (in ₹) .

Correct option is C

Given:

Principal borrowed from each bank = ₹460000

Rate of interest:

Bank A = 3.5% per annum

Bank B = 6% per annum

Time = 3 years

Formula Used:

SI  = \frac{P \times R \times T}{100}

Solution:

SI from Bank A =$$\frac{460000 \times 3.5 \times 3}{100}$$​​

​$$= \frac{4830000}{100} = ₹48300$$​​

SI from Bank B $$= \frac{460000 \times 6 \times 3}{100}$$​​

​$$= \frac{8280000}{100} = ₹82800$$​​

Positive difference = ₹82800 - ₹48300 = ₹34500

Thus, the positive difference in simple interest is ₹34500