Question

Find the difference between the compound interest and the simple interest for 2 years on Rs 8000 at 6% per annum compounded annually

Answer 1

Rs 8000
2 by 6%
3
So, Rs 8000-3=7997

Answer 2

Answer:

( 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

Step-by-step explanation:

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