MBA Exam

Ruchika takes a student loan which charges simple interest of 12% per annum, Poorva takes the same loan but by handy means deposits the money into a compound interest yielding scheme of 10% per annum. If the principal for both loans is 20 lakhs, find in how many years will Poorva be able to set off the interest for Ruchika and herself against the interest accrued on her bank deposit in that year.

1) 7 years
2) 8 years
3) 9 years
4) 10 years

Read Solution (Total 1)

2) 8 years
One year's Simple interest to Ruchika=20*0.12=2.4 L
At the end of 7 years
Simple interest to Ruchika=20*0.12*7=16.8 L
At Compound interest Poorva's amount=20*(1.1)^7=38.97 L
Poorva's accumulated interest=18.97, So difference of interest 18.97-16.8=2.17 L
At the end of 8 years
Simple interest to Ruchika=20*0.12*8=19.2 L
At Compound interest Poorva's amount=20*(1.1)^8=42.8717 L
Poorva's accumulated interest=22.8717,
So difference of interest 22.8717-19.2=3.6717 L, which is more than 2.4 Lakhs
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MBA Other Question

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