Question

Calculate the difference between the compound interest and simple interest on Rs.12,000 in 3 yrs at 5% compounded annually.​

Answer 1

Answer:

Rs: 12091.5

Step-by-step explanation:

Simple interest = 12000*3*5/100

= 1800/-

Compound interest = 12000+[ 1+5/100]³

= 13891.5 /-

Difference = 13891.5 - 1800 = 12091.5 /-

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Answer 2

Simple interest = 12000*3*5/100

= 1800/-

Compound interest = 12000+[ 1+5/100]³

= 13891.5 /-

Difference = 13891.5 - 1800 = 12091.5 /-