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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 by Rs 94.

D

Both paid the same interest.

Text Solution

Verified by Experts

The correct Answer is:
B
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