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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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Knowledge Check

  • 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
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    D
    Rs. 81.60

  • 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.

    A
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    B
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