Two banks, A and B, offered loans at 3.5% and 6% per annum, respectively. Ajay borrowed an amount of ₹340000 from each bank. Find the positive difference between the amounts of simple interest paid to the two banks by Ajay after 3 years.
25500
For Bank A, the simple interest is:
SI = P × R × T / 100 = 340000 × 3.5 × 3 / 100 = 35700.
For Bank B, the simple interest is:
SI = 340000 × 6 × 3 / 100 = 61200.
The positive difference between the two interests is 61200 - 35700 = 25500.
Important Questions from Simple Interest
How much time will it take for an amount of Rs. 450 to yield Rs. 81 as interest at 4.5% per annum of simple interest ?
Nirav and Mehul borrowed Rs.4000 and Rs.5000 respectively for 2.5 years at the rate of x% per annum. Mehul paid Rs 125 more interest than Nirav. Find x.
If the interest on a sum of Rs.1200 is more than the interest on Rs.1000 by Rs.120 in three years, then what is the rate of interest per annum?.
The difference between the simple interest received from two banks on Rs. 500 for two years is Rs. 2.50. What is the difference between their rates?
P borrowed an amount from Q at a simple interest of 10% p.a. At the end of the year, P paid back Rs 99000 which was 90% of what she owed. How much money did P borrow?
