Home
Class 7
MATHS
Suresh and Naresh borrowed Rs. 62500 and...

Suresh and Naresh borrowed Rs. 62500 and Rs. 60000 respectively for a period of 2 years. Suresh paid simple interest at the rate of 4% per annum, while Naresh paid compound interest at the same rate compounded annually. Who paid more interest and by how much ?

A

Naresh paid more by Rs. 104

B

Suresh paid more by Rs. 104

C

Naresh paid more Rs. 94

D

Both paid the same interest

Text Solution

Verified by Experts

The correct Answer is:
B
(i) Use formula for simple interest and compound interest.
(ii) Find the interest paid by Suresh and Naresh and compare.
Doubtnut Promotions Banner Mobile Dark
|

Topper's Solved these Questions

  • SIMPLE INTEREST AND COMPOUND INTEREST

    PEARSON IIT JEE FOUNDATION|Exercise Level 2|20 Videos

  • Set theory

    PEARSON IIT JEE FOUNDATION|Exercise ASSESSMENT TEST Test 2|12 Videos

  • STATISTICS

    PEARSON IIT JEE FOUNDATION|Exercise CONCEPT APPLICATION (LEVEL 3)|11 Videos

Similar Questions

Explore conceptually related problems

Q and R borrowed Rs. 26000 and Rs. 25000 respectively, for a period of 2 years. Q paid simple interest at the rate of 2% per annum, while R paid compound interest at the same rate, compounded annually. Who paid more interest and by how much ?

Q and R borrowed Rs 26,000 and Rs 25,000, respectively for a period of 2 years. Q paid simple interest at the rate of 2% per annum, where R paid compound interest at the same rate, compounded annually. Who paid more interest and by how much?

Knowledge Check

  • Suresh and Naresh borrowed Rs 62,500 and Rs 60,000 respectively, for a period of 2 years. Suresh paid simple interest at the rate of 4% per annum, whereas Naresh paid compound interest at the same rate compounded annually. Who paid more interest and by how much?

    A
    Naresh paid more by Rs 104.
    B
    Suresh paid more by Rs 104.
    C
    Naresh paid more by Rs 94.
    D
    Both paid the same interest.

  • A and B borrowed Rs 600 and Rs 500 respectively for a period of 3 years. A paid simple interest at the rate of 10% per annum, while B paid compound interest at the rate of 10% per annum compounded annually. Who paid more interest and by how much?

    A
    A paid more interest by Rs 14.50
    B
    B paid more interest by Rs 14.50
    C
    A and B both paid same amount of interest.
    D
    None of the above.

  • The simple interest of 2 years is 80 the rate of 4% per annum of an armor The same amount will be compounded interest for the same period of time :

    A
    Rs. 82.60
    B
    Rs. 82.20
    C
    Rs. 81.80
    D
    Rs. 81.60

    • Similar Questions

    Explore conceptually related problems

    P and Q borrowed Rs 600 each for a period of 3 years. P paid simple interest at 25% per annum, interest being compounded annually. Who paid more interest and by how much?

    Fabina borrows Rs 12,500 at 12% per annum for 3 years at simple interest and Radha borrows the same amount for the same time period at 10% per annum,compounded annually.Who pays more interest and by how much?

    A and B borrowed Rs. 2000 and Rs. 3000 respectively at the same rate of interest for 2(1)/(2) years. If B paid Rs. 125 more interest than A, find the rate of interest.

    A and B borrowed Rs 2,000 and Rs 3,000 respectively at the same rate of interest for 21//2 years. If B paid Rs 125 more interest than A, find the rate of interest.

    Simple interest on a sum at 4% per annum for 2 years is Rs. 80. The compound interest on the same sum for the same period is-

    Home
    Profile