Question

Sonu lends Rs. 3,000 to Monu at 10% interest per annum, and Monu lends the same sum to Rahul at 12% interest per annum. Find Monu's gain over a period of 3 years.

a. Rs. 60
b. Rs. 90
c. Rs. 120
d. Rs. 150

Answer 1

Monu's gain over a period of 3 years is Rs. 1080.

Step-by-step explanation:

To calculate Monu's gain over a period of 3 years, we need to find the simple interest earned by Monu on the loan he made to Rahul. Monu lent Rs. 3,000 to Rahul at an interest rate of 12% per annum.

The simple interest formula is: Simple Interest = (Principal × Rate × Time) / 100

Using this formula, we can calculate the simple interest earned by Monu over 3 years as follows: Simple Interest = (3000 × 12 × 3) / 100 = Rs. 1080

Therefore, Monu's gain over a period of 3 years is Rs. 1080.