find the difference between simple interest
and compound interest on 20000 at
8 p.c.p.a.
Answers
Answer:
In the question "Time" is not given. So the question is solved taking time as 2 years, because simple interest and compound interest will be same for one year.
Here, P = Principal = ₹ 20000
R = 8 %
N = 2 years
Simple interest =P×R×N/100
=20000×8×2/100
=3200
Amount = P × (1+R100) N
=20000×(1+8100)²
=20000(1+225)²
=20000(2725)²
=23328
Compound interest=23328−20000 =3328
Compound interest−Simple interest
=3328−3000
=128
Hence, the difference between simple interest and compound interest is ₹ 128.
Answer:
Please see the attached file for the answer
