Rohit borowed Rs 600000 from a bank at 9% per annum for 2 years. He lent this sum of money to Rohan at 10% per annum for 2 years. How much did Rohit earn from this transaction?

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Solution

Principal amount lent out by Rohit (P) = Rs. 60000
Time period (T) = 2 years
Rate of interest (R) = 10% p.a.

Interest = $\frac{P \times R \times T}{100} = Rs. \frac{60000 \times 10 \times 2}{100} = Rs. 12000$

Principal amount borrowed by Rohit from the bank (P) = Rs. 60000
Time period (T) = 2 years
Rate of interest (R) = 9% p.a.
Interest = $\frac{P \times R \times T}{100} = Rs. \frac{60000 \times 9 \times 2}{100} = Rs. 10800$

Amount gained by Rohit = Rs. 12000 - 10800 = Rs. 1200

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