Question

The compound interest incurred on an amount of rs. 22,000 at the end of two years is rs. 5596.8. What would be the simple interest incurred on the same amount at the same rate in same period

Answer 1

22000×112/100×112/100=27596.8
27596.8-22000=5596.8
22000×12%=2640 per annum
2640×2 = 5280 is total simple interest for 2 years