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Wahid Sabharwal
Asked: 2022-11-08T21:18:21+05:30 In:

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

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
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1 Answer

  1. Correct Answer – B
    (i) Use formula for simple interest and compound interest.
    (ii) Find the interest paid by Suresh and Naresh and compare.

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