Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Ajay borrowed an amount of ₹2,40,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Ajay after 4 years.
Given
Principal (P) = ₹2,40,000
Rate of Bank A = 3.5%
Rate of Bank B = 7.5%
Time (T) = 4 years
Formula Used
Difference in SI =
Solution
Difference in interest rates = 7.5% - 3.5% = 4%
Difference in Simple Interest =
Difference = 2400 × 16
Difference = 38400
Final Answer
So the correct answer is (a)
English
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90 Mins English English100 Questions100 Marks90 Mins English English100 Questions100 Marks90 Mins EnglishA sum of money is invested at 6% simple interest per annum. How long will it take to increase its value by 60% ?
If a sum becomes its double in 10 years, then the annual rate of simple interest is:
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Ashish borrowed an amount of ₹2,60,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Ashish after 3 years.
Two banks, A and B, offered loans at 3.5% and 7% per annum, respectively. Akshay borrowed an amount of ₹4,60,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Akshay after 4 years.
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Ajay borrowed an amount of ₹2,40,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Ajay after 4 years.
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Sachin borrowed an amount of ₹2,00,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Sachin after 4 years.
A sum of money was invested at simple interest at a certain rate for 9 years. Had it been invested at an 8% per annum higher rate, it would have fetched ₹7,992 more. Find the principal.
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Atul borrowed an amount of ₹2,20,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Atul after 3 years.
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Mukund borrowed an amount of ₹2,00,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Mukund after 2 years.
In what duration (in years) will ₹9,000 fetch a simple interest of ₹1,080 at 6% per annum rate of interest?
Suggested Test Series
Suggested Test Series
A sum of money is invested at 6% simple interest per annum. How long will it take to increase its value by 60% ?
If a sum becomes its double in 10 years, then the annual rate of simple interest is:
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Ashish borrowed an amount of ₹2,60,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Ashish after 3 years.
Two banks, A and B, offered loans at 3.5% and 7% per annum, respectively. Akshay borrowed an amount of ₹4,60,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Akshay after 4 years.
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Ajay borrowed an amount of ₹2,40,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Ajay after 4 years.
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Sachin borrowed an amount of ₹2,00,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Sachin after 4 years.
A sum of money was invested at simple interest at a certain rate for 9 years. Had it been invested at an 8% per annum higher rate, it would have fetched ₹7,992 more. Find the principal.
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Atul borrowed an amount of ₹2,20,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Atul after 3 years.
Two banks, A and B, offered loans at 3.5% and 7.5% per annum, respectively. Mukund borrowed an amount of ₹2,00,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Mukund after 2 years.
In what duration (in years) will ₹9,000 fetch a simple interest of ₹1,080 at 6% per annum rate of interest?
