Nutan gets two offers of loans from a bank and an app. The app offered Rs. 10,000 at 15% per annum compounded annually for 2 years, and the bank offered the same amount at the same rate and for the same time, but with simple interest. Find the difference between the interests.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Rs.225.
Difference = PR2/1002 = 10000 × 152/1002 = 225
Hence, the difference between the interests is Rs. 225.