Multiple choice

Jack deposited Rs. 20,000 at the rate of 10% per annum for 5 years and on the other side, Charlie deposited Rs. 22,000 at the rate of 8% per annum for 4 years. What would be the difference of the simple interest which they both would get?

  1. Rs. 2960

  2. Rs. 2460

  3. Rs. 2100

  4. Rs. 2000

  5. Rs. 1840
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A Correct answer
Explanation

Jack's interest = (20000 * 10 * 5) / 100 = 10000. Charlie's interest = (22000 * 8 * 4) / 100 = 7040. The difference is 10000 - 7040 = 2960.

AI explanation

Using the simple interest formula of principal multiplied by rate multiplied by time divided by 100, Jack's interest is 20000 multiplied by 10 multiplied by 5 divided by 100, which equals Rs. 10000. Charlie's interest is 22000 multiplied by 8 multiplied by 4 divided by 100, resulting in Rs. 7040. The difference between their simple interests is 10000 minus 7040, giving Rs. 2960.

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