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7. Rakesh lent out Rs 2000 for 5 years at 15% per annum and borrowed Rs 8000 for 3 years12% per annum. How much did he gain or lose? |
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Answer» Step-by-step explanation: Considering it is simple INTEREST. If he lent out 2000 for 5 YEARS at rate of 15% per annum we need to find how much profit he has made. Simple interest formula is A=(P×R×T)÷100 P=2000 R=15% T=5 years hence it is 2000×15×5/100=1500 this is profit now to find out how much interest he had to pay when he borrowed 8000 at the rate of 12% per annum. P=8000 R=12% T=3 years hence it is 8000×12×3/100=2880. this is loss since he had to give this money. total profit= profit - loss = 1500-2880= -1380. Since profit is in negative it means that there was a loss of 1380 rupees. |
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