Answer :

Given: Principal (P) = Rs. 60000, Rate of Interest (R) = 9% and Number of years (n) = 3year

As simple interest (SI):

⇒ SI = Rs. 16200

For compound interest:

As Amount (A):

⇒ A = Rs. 77701.7

As compound interest (CI),

CI = A - P

CI = 77701.7 - 60000

⇒ CI = Rs.17701.74

Difference between CI and SI is :

D = CI – SI

⇒ D = 17701.74 – 16200

⇒ D = Rs. 1501.74

The more interest would sunitabi have had to pay = Rs.1501.74

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