Question 69

Aman lends Rs.1,00,000 to Raghu at a rate of 20% compounded annually. At the same time, Ram lends Rs. 1,00,000 to Aman at a rate of 15% simple interest. Find the net profit for Aman, if both Raghu and Aman pay back the entire amount after 3 years.

Solution

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Total amount paid back by Raghu to Aman = $$100000\left(1.2\right)^3=172800$$

Total amount paid back by Aman to Ram = $$100000\left(1+3\times\frac{15}{100}\right)=100000\left(1.45\right)=145000$$

Hence, the net profit of Aman is 172800-145000 = Rs. 27800

Hence, the answer is Rs. 27800.

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