Problema Solution
Jagadish sells the family car for RS 250000 and deposit the amount in the bank at 8.25% p.a.
On the same day he buys a motorcycle for RS 46000 which was paid by the auto finance company at 11% p.a. .At the end of the three year how much interest has jagadish earned than paid ?
Answer provided by our tutors
I1 = 250000*(1+8.25%)^3 -250000 = 67120
I2 = 46000(1+11%)^3 - 46000 = 16911
So interest that jagadish earned than paid = 67120-16911= RS 50209