Question

find the difference between the compound interest and simple interest for 2 years on rupees 8000 and 6% per annum compounded annually

Answer 1

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▶ Question - Find the difference between the compound interest and simple interest for 2 years on rupees 8000 and 6% per annum compounded annually.



▶ Given :-


Principle ( P ) = Rs. 8000


Time ( T ) = 2 years


Rate of Interest ( R% ) = 6%



▶ Explanation :-


=> Simple Interest ( SI ) = P × T × R / 100


= 8000 × 2 × 6 / 100


= 80 × 2 × 6


= 960


Simple Interest ( SI ) = Rs. 960


=> Amount = P ( 1 + R / 100 ) ^ n


= 8000 ( 100 + 6 / 100 ) ^ 2


= 8000 ( 106 / 100 ) ^ 2


= 8000 ( 11236 / 10000 )


= 8 × 11236 / 10


= 8988.8


Amount = Rs. 8988.8



=> Compound interest = Amount - Principle


= 8988.8 - 8000


= 988.8


Compound interest = Rs. 988.8



=> Difference = CI - SI


= 988.8 - 960


= 28.8


Difference = Rs. 28.8



Alternate Method :-



=> Difference = P ( R / 100 ) ^ 2


= 8000 ( 6 / 100 ) ^ 2


= 8000 × 36 / 10000


= 8 × 36 / 10


= 288 / 10


= 28.8


=> Difference = Rs. 28.8




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Answer 2

Step-by-step explanation:

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