1.Find the difference between the compound interest and the simple interest on 30,000 at 7% per annum for 3 years.
2.Aman borrows 14,500 at 11% per annum for 3 years at simple interest and Tarun borrows
same amount at 10% per annum for same time compounded annually. Who pays more interest and by how much
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Answered by
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AMAN
Principal amount; P = Rs.14500
Rate; R = 11% p.a.
Time; T = 3 years
Simple Interest = P × R × T/100 = 14500 × 11 × 3/100 = Rs. 4785
Therefore Aman has to pay Rs.4785 interest.
TARUN
Principal amount; P = Rs.14500
Rate; R = 10% p.a.
Time; T = 3 years
So the amount accumulated after 3 years;
A = P(1 + R/100)^TP(1+R/100)³
= 14500 × (1+10/100)³ = Rs.19299.5
Then Compound interest = Rs.19299.5 - Rs.14500 = Rs.4799.50
Therefore Tarun has to pay Rs.4799.50 interest.
This means Tarun pays more interest and by (Rs.4799.50 - Rs.4785) = Rs 14.50
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Answered by
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Answer:
solution
principal=30000
rate=7%and time=3 years
we Kno that
SI= p×r×t/100
then
SI=30000×7×3/100
= rs 6300
Amount=P+SI
Amount=30000+6300
=36300
Amount=p(1+r/100)n
After putting the formula= 3675.29
Different between Components Intereste And Simple interest=3675.59-36300=451.29
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