Question

Find the difference between the compound interest and the simple interest on
30,000 at 7% per annum for three years.
​

Answer 1

Answer:

Simple interest = 30,000 x 3 x 7/100 = 6,300 Rs

Amount = 30,000 + 6,300 = 36,300 Rs

Compound interest = 30,000 x 107/100 x 107/100 x 107/100

= 36,751.29 Rs.

Difference in amount = 36751.29 - 36,300 = 451.29 Rs