Two banks, A and B, offered loans at 3.5% and 7% per annum, respectively. Salil borrowed an amount of ₹4,80,000 from each bank
Two banks, A and B, offered loans at 3.5% and 7% per annum, respectively. Salil borrowed an amount of ₹4,80,000 from each bank. Find the positive difference (in ₹) between the amounts of simple interest paid to the two banks by Salil after 4 years.
दो बैंक A और B क्रमशः 3.5% और 7% वार्षिक दर से ऋण देते हैं। सलील ने प्रत्येक बैंक से ₹4,80,000 उधार लिए। 4 वर्ष बाद सलील द्वारा दोनों बैंकों को दिए गए साधारण ब्याज की राशियों के बीच धनात्मक अंतर (₹ में) ज्ञात कीजिए।
Detailed Solution & Logic
67,200
Amount borrowed from each bank = ₹4,80,000
Time = 4 years
Simple Interest formula:
Simple Interest = $\frac{P \times R \times T}{100}$
Interest paid to Bank A (3.5%)
SI₁ = $\frac{480000 \times 3.5 \times 4}{100}$
SI₁ = $480000 \times 0.14 = 67,200$
Interest paid to Bank B (7%)
SI₂ = $\frac{480000 \times 7 \times 4}{100}$
SI₂ = $480000 \times 0.28 = 1,34,400$
Positive difference
Difference = $1,34,400 - 67,200 = 67,200$
✅ Correct Answer: ₹67,200
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