Question

Find the difference between the compound interest and the simple interest on ₹30,000 at 7% per annum for 3years

Answer 1

principal =rs.30000
rate=7%
time =3 years
s.i. =p×r×t/100
=30000×7×3/100
=rs.6300

p=rs.30000
r=7%
t=3years
amount by compound interest =p (1+r/100)t
=30000 (1+7/100)3
= 30000(107/100)3
=rs. 36751.29
difference =ci.-si.
=36751.29-6300
=
30451.29