Question

find the difference between the compound interest and simple interest if P= 20000 R=10.5p.c.p.a and N=2 years​

Answer 1

Answer:

220.5

Step-by-step explanation:

Simple interest = {(20000/100) × 10.5)×2 = 2100x2 = 4200

Compound interest = {(20000/100) × 10.5} = + {(22100/100) × 10.5} = 2100 + 2320.5 = 4420.5

Difference between them = 4420.5 - 4200 = 220.5

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