A sum of ₹5,000 is taken at a simple rate of interest of 15% per annum for 3 years and another sum of ₹8,000 is taken at a simple interest of 12% per annum for 4 years. Find the positive difference of the interests paid.

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Accepted Answer

Let's calculate the simple interest for both sums separately:

1. For ₹5,000 at 15% per annum for 3 years:
   Simple Interest (SI1) = (Principal × Rate × Time) / 100
   SI1 = (5000 × 15 × 3) / 100 = (5000 × 45) / 100 = 225000 / 100 = ₹2,250

2. For ₹8,000 at 12% per annum for 4 years:
   Simple Interest (SI2) = (Principal × Rate × Time) / 100
   SI2 = (8000 × 12 × 4) / 100 = (8000 × 48) / 100 = 384000 / 100 = ₹3,840

Now, the positive difference between the interests:
Difference = |SI2 - SI1| = |3840 - 2250| = ₹1,590

Therefore, the correct answer is ₹1,590.

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