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
Similar Practice Questions
Find the simple interest (in ₹) on ₹2500
Find the simple interest (in ₹) on ₹2500 as a sum borrowed at 7% per...
Two equal sums are lent at 6% and 9% simple interest per annum respectively. The interest received on both sums after 4 years differs by ₹150. Find each sum.
Two equal sums are lent at 6% and 9% simple interest per annum respectively. The...
If the difference between compound interest and simple interest for three years at 10% annual interest rate is ₹93, then find the principal (in ₹).
If the difference between compound interest and simple interest for three years at 10% annual...
A builder borrows ₹2550, which is to be repaid in two equal annual installments at the end of each year, with compound interest at the rate of 4% per annum. What will be the amount of each installment?
A builder borrows ₹2550, which is to be repaid in two equal annual installments at...
Shan has ₹1612 with him.
Shan has ₹1612 with him. He divided it amongst his sons Piyush and Manoj and...
How much will the interest be for Rs.1900 at 9% per annum for 3 year?
How much will the interest be for Rs.1900 at 9% per annum for 3 year?...
Amit invests a sum of ₹5400
Amit invests a sum of ₹5400 and Gopal invests a sum of ₹9400 at the...