Rajan borrowed Rupees 5000 at 8% per annum for 3 years. Find the difference between compound interest and simple interest assuming compounded annually.
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Principal =Rs 5000
Time=3years
rate= 8%
Si=(P *R*T) /100
= (5000*8*3)/100
=120000/100
=1200
AMOUNT COMPOUNDED ANUALLY =5000*(1+8/100)OF THE POWER 3
=5000*108/100*108/100*108/100
=6298560000/1000000
=RS6298.56
CI = 6298.56-5000
=RS1298.56
DIFFERENCE BETWEEN THE INTERESTS = 1298.56-1200
= RS 98.56
hope this helps you out buddy
Time=3years
rate= 8%
Si=(P *R*T) /100
= (5000*8*3)/100
=120000/100
=1200
AMOUNT COMPOUNDED ANUALLY =5000*(1+8/100)OF THE POWER 3
=5000*108/100*108/100*108/100
=6298560000/1000000
=RS6298.56
CI = 6298.56-5000
=RS1298.56
DIFFERENCE BETWEEN THE INTERESTS = 1298.56-1200
= RS 98.56
hope this helps you out buddy
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