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✏ Kamal and Anand each lent the same sum of money for 2 years at 5% at simple interest respectively.
Anand received ₹15 more than Kamal .
Find the amount of money lent by each and the interest received .
✳Full solution needed✅
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Hello mate,
Here is your answer,
Given:
To Find:
Solution:
For Kamal,
T = 2 years
R = 5%
We know,
Substituting the values,
For Anand,
T = 2 years
R = 5%
Amount =
Substituting the values,
We know compound interest = (Amount) - (Principle)
C.I = (1.1025)p - (p)
= (0.1025)p
Anand got ₹15 more than Kamal, so,
C.I - S.I = 15
(0.1025) p - (0.1) p = 15
(0.0025) p = 15
Now,
the simple interest received by Kamal = (0.1)p
Substitute principle value,
= (0.1) (6000)
= ₹600
Compound interest received by Anand = (0.1025)p
Substitute principle value,
(0.1025)(6000)
= ₹615
Hope it helps:)