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Question
Mr. Sharma lends ₹24,000 at 13% p.a. simple interest and an equal sum at 12% p.a. compound interest. Find the total interest earned by Mr. Sharma in 2 years.
Solution
Sum lends (P) = ₹24000
Rate (R) = 13% p.a.
Time (T) = 2 years
In case of simple interest,
Simple interest for 2 years = `" PRT"/100`
= `₹(24000xx13xx2)/100`
= ₹6240
In the case of compound interest,
Interest for the first year = `(24000xx12xx1)/100`
= ₹2880
Amount after the first year,
= ₹24000 + 2880
= ₹26880
Interest for the second year = `₹(26880xx12xx1)/100`
= `₹322560/100`
= ₹3225.60
∴ C.I. for 2 years = ₹2880 + 3225.60
= ₹6105.60
Total interest = ₹6240 + 6105.60
= ₹12345.60
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