Two banks, A and B, offered loans at 3.5% and 6.5% per annum, respectively. Ashish borrowed an amount of ₹3,40,000 from each bank. Find the positive difference between the amounts of simple interest (in ₹) paid to the two banks by Ashish after 2 years.
20,400
Simple interest from Bank A: \(340000\times0.035\times2 = 23800\).
Simple interest from Bank B: \(340000\times0.065\times2 = 44200\).
Positive difference: \(44200-23800 = 20400\).
Hence, the positive difference between the two simple interest amounts is ₹20,400.
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Important Questions from Simple Interest
Anil lent a sum of Rs. 5,000 on simple interest for 10 years in such a way that the rate of interest is 6% per annum for the first 2 years, 8% per anmum for the next 2 years and 10% per annum beyond 4 years. How much interest (in Rs.) will he earn at the end of 10 years?
What will be the simple interest on a sum of Rs. 12000 at the rate of 15 percent per annum for three years ?
If in 13 years fixed sum doubles at simple interest, what will be the interest rate per year? (correct to two decimal places)
On simple interest a sum of Rs. 640 becomes Rs. 832 in 2 years. What will Rs. 860 become in 4 years at the same rate of simple interest?
A certain sum amounts to Rs. 81840 in 3 years and to Rs. 92400 in 5 years at x% p.a. under simple interest. If the rate of interest is becomes (x + 2)%, then in how many years will the same sum double itself?
