Question

Find the difference between compound interest and simple interest on ` 50000 at 12% per annum for 3 years.

Answer 1

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Step-by-step explanation:

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Answer 2

Answer:

2246.4

Step-by-step explanation:

Principal = 50,000

Rate Of Interest = 12%

Time= 3 Years

We Have To Find Simple Interest Mad Compound Interest

First We Have To Simple Interest Of 3 Years

The Simple Interest Of First Year = 12% Of 50,000 = 6000

The Simple Interest Of Second Year = 12% Of 50,000 = 6000

The Simple Interest Of Third Year = 12% Of 50,000 = 6000

So The Total Simple Interest = 18,000

Now Let's Find Compound Interest

Compound Interest = 12% Of Principal And Accumulated Interest

Now ,

The Compound Interest Of First Year = 12% Of 50,000

= 6,000

Now In The Rule Of Compound Interest We Have Add 6,000 To 50,000 So The Principal = 56,000

The Compound Interest Of Second Year = 12% Of 56,000

= 6,720

Now We Have To Add 6,720 To 56,000 So The Principal = 62,720

The Compound Interest Of Third Year = 12% Of 62,720 = 7,526.4

So The Total Compound Interest = 20,246.4

Now We Have To Subtract

20,246.4 - 18,000 = 2,246.4

The Difference Between Simple And Compound Interest Of 50,000 = 2,246.4