Fabina borrows Rs.12,500 per annum for 3 years at simple interest and Radha borrows the same amount for the same time period at
10% per annum, compounded annually. Who pays more interest and by how much?
1 answer:
Answer: Radha pays $387.50 more interest than Fabina
<u>Step-by-step explanation:</u>
<u>Fabina</u>
Simple Interest: I = P × r × t
= 12500 × 0.10 × 3
= $3750.00
<u>Radha</u>
16637.50 - 12500 = $4137.50
4137.50 - 3750.00 = $387.50
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