Two friends Tony and Mark took a loan of Rs. 1200000 for 2 years 4 months. If Tony took the loan at 8% per annum simple interest and Mark took the loan at 5% compound interest, find the difference between the amounts they pay?
1
Rs. 78850
2
Rs. 78500
3
Rs. 78950
4
Rs. 78450
5
Rs. 78700