Question

6. If the simple interest on a sum of money at 5% per annum for 3 years is 6300, what is the compound interest
on the same sum for the same period and at the same rate?
7. Find the compound interest on 375,000 for 3 years if the rates for the 3 years are 5%, 7.2%, and 9%
respectively.
8. Find the difference between simple interest and compound interest on 2500 for 2 years at 4% p.a, compound

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Answer 1

Answer:

R =5%

time =3×12 =36

SI = 6300

SI=PRT/100

SI = P×5×36/100

P =2000

CI = P+SI

2000+6300

so compound interest will be = 8300

Answer 2

6.SI=p×r×t÷100

6300=p×5×3÷100

6300=p×15÷100

p=100×6300÷15

p=4200

Step-by-step explanation:

CI=p{(1+r/100)n-1}

4200{1+5/100)3-1}

4200{105/100)3-1}

4200{(21/20)3-1}

4200{21/20×21/20×21/20)-1}

4200{(9261/8000)-1}

4200{9261-8000/8000}

4200×1261/8000

662.05