Ashutosh borrows Rs. (2K + 5000) from the bank for three years, paying interest of 12% per annum at simple interest. He spends 40% of amount and keeps the rest invested in a scheme for three years, earning 50% compound interest per annum. If difference between the total amount to be paid by Ashutosh and his earnings from the scheme is Rs. 1300, then find the value of K.