a sum of 15000 is lent at 16% per annum compound interest what is the difference between the compound interest for second year and third year
Answers
Answer:
Difference between the compound interest for second year and third year is Rs. 445.44
Step-by-step explanation:
Given:
Principal Amount = Rs. 15000
Rate of Interest = 16%
To find: Difference between Compound interest of 2nd year and 3rd year.
Compound Interest of 1st year =
=
=
Amount After 1st year = 15000 + 2400 = Rs. 17400
Compound Interest of 2nd year =
=
=
Amount After 2nd year = 17400 + 2784 = Rs. 20184
Compound Interest of 3rd year =
=
=
Amount After 3rd year = 20184 + 3229.44 = Rs. 23413.44
Difference between Compound Interest of 2nd and 3rd year = 3229.44 - 2784 = Rs. 445.44
Therefore, Difference between the compound interest for second year and third year is Rs. 445.44
Answer:
Answer:
Difference between the compound interest for second year and third year is Rs. 445.44
Step-by-step explanation:
Given:
Principal Amount = Rs. 15000
Rate of Interest = 16%
To find: Difference between Compound interest of 2nd year and 3rd year.
Compound Interest of 1st year = \frac{P\times R\times T}{100}
100
P×R×T
= \frac{15000\times16\times1}{100}
100
15000×16×1
= 24002400
Amount After 1st year = 15000 + 2400 = Rs. 17400
Compound Interest of 2nd year = \frac{P\times R\times T}{100}
100
P×R×T
= \frac{17400\times16\times1}{100}
100
17400×16×1
= 27842784
Amount After 2nd year = 17400 + 2784 = Rs. 20184
Compound Interest of 3rd year = \frac{P\times R\times T}{100}
100
P×R×T
= \frac{20184\times16\times1}{100}
100
20184×16×1
= 3229.443229.44
Amount After 3rd year = 20184 + 3229.44 = Rs. 23413.44
Difference between Compound Interest of 2nd and 3rd year = 3229.44 - 2784 = Rs. 445.44
Therefore, Difference between the compound interest for second year and third year is Rs. 445.44