if a person of borrowed 7,000 at 10% for 4 years then find the difference between compound interest and simple interest
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Answer:
SIMPLE INTEREST = PNR÷100
= 7000×4×10 ÷ 100
= 2800
COMPOUND INTEREST= P(1 +R/100)^N
= 7000( 1+ 10÷100)^4
= 7000(1.1)^4
= 7000×1.4641
= 10248.7
DIFFERENCE = 10248.7 - 2800 = 7448.4
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