Raj lends an amount of Rs.50,000 to Sumesh at a rate of 12% for five years. But after two years Raj decided to increase the rate to 20%. Find the extra amount Sumesh has to pay due to this hike in interest.
1
Rs. 8,000
2
Rs. 10,000
3
Rs. 12,000
4
Rs. 14,000
5
Rs. 16,000