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Ajay has invested ₹25,000 at 10% per annum simple interest for 3 years, and Vijay has invested ₹20,000 at 12% per annum simple interest for the same time. Find the difference between their interests earned.

1. ₹200
2. ₹300
3. ₹400
4. ₹500

Correct answer: ₹300

Solution

Simple interest is given by \(SI = \frac{PRT}{100}\). Ajay earns ₹7,500 and Vijay earns ₹7,200, so the difference is ₹300.

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