Question

find the difference between the compound interest and simple interest for 2 years on a sum of rs 7500 at 12% per annum being compounded annually.​

Answer 1

19Q:

Find compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually.

A) 612

B) 712

C) 812

D) 912

Answer: A) 612

Explanation:

Amount = Rs [7500*(1+(4/100)2] = Rs (7500 * (26/25) * (26/25) ) = Rs. 8112.

therefore, C.I. = Rs. (8112 - 7500) = Rs. 612.

Answer 2

The difference between the compound interest and simple interest for 2 years on a sum of rs 7500 at 12% per annum being compounded annually is Rs 108

Solution:

Given that,

Sum = Rs 7500

Rate of Interest = 12%

Number of years = 2

To find:

Difference between compound Interest and simple interest = ?

Formula used:

The difference between compound Interest and Simple interest for 2 years is given as:

$\text { Difference }=P \times\left(\frac{R}{100}\right)^{2}$

Where "p" is the sum and "R" is the rate of interest

Substituting the values in above formula, we get

$\begin{array}{l}{\text { Difference }=7500 \times\left(\frac{12}{100}\right)^{2}} \\\\ {\text { Difference }=\frac{7500 \times 12 \times 12}{100 \times 100}=108}\end{array}$

Hence, the difference between compound interest and simple interest  is Rs 108 for 2 years

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