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Mr. Sharma borrowed Rs 24,000 at 13% per annum simple interest and an equal sum at 12% per annum compound interest . Find the total interest earned by Mr.

The question should be: Mr. Sharma borrowed Rs 24,000 at 13% per annum simple interest and an equal sum at 12% per annum compound interest . Find the total interest given by Mr.Sharma in two years?

Solution: For SI, P=Rs.24000 , R=13 % p.a. , T=2 years. ⇒SI=24000*13*2/100 ⇒SI=Rs.6240. For CI , P=Rs.24000 , R=12% , T=2 years. ⇒A=P(1+R/100)² ⇒A=24000(1+12/100)² ⇒A=24000(28/25)² ⇒A=24000*28/25*28/25 ⇒A=Rs.30105.6. ⇒CI=A-P=30105.6-24000=Rs.6105.6. ⇒Total interest given by him=6240+6105.6 =Rs.12345.6 Ans:The total interest paid by him is 12345.6.