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.
Given:
Principal amount (P) for each bank = ₹2,00,000
Rate for Bank A = 3.5% p.a.
Rate for Bank B = 7.5% p.a.
Time (T) = 4 years
Formula Used:
Simple Interest (SI) =
Difference in SI =
Solution:
Difference in interest rates = 7.5% - 3.5% = 4%
Difference in Simple Interest =
= 2000 × 16
= 32000
Thus, the positive difference in simple interest is ₹32,000.
Final Answer
So the correct answer is (a)
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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% ?
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. 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?
A music teacher borrowed ₹8,200 from a friend at 6.5% simple interest per annum. After 3 years, he repaid the amount along with a small donation of ₹280 to his friend's charity. Find the total amount he paid.
What sum (in ₹) will earn a simple interest of ₹840 in 3 years at 20% per year rate of interest?
A sum amounts to ₹ 9075 in years at 15% p.a, interest compounded 8-monthly. What is the simple interest (in ₹) on the same sum for the same period and at the same 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% ?
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. 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?
A music teacher borrowed ₹8,200 from a friend at 6.5% simple interest per annum. After 3 years, he repaid the amount along with a small donation of ₹280 to his friend's charity. Find the total amount he paid.
What sum (in ₹) will earn a simple interest of ₹840 in 3 years at 20% per year rate of interest?
A sum amounts to ₹ 9075 in years at 15% p.a, interest compounded 8-monthly. What is the simple interest (in ₹) on the same sum for the same period and at the same rate of interest ?
