Question

Find the difference between the simple interest and compound interest on 16,000 for1×1/2years at5%per annum, compound interest being reckoned half yearly.
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Answer 1

Answer:

$good \: afternoon \: this \: is \: your \: answer$

P=16000 per month , T=1.5 ,  R=5% 

For interest being calculated half-yearly,

Coumpound Interest=P(1+200R)2T−P

Simple interest =200PR(2T)

 CI-SI=16000(1+2005)2×1.5−16000

⟹1230.25−1200=30.25