what is difference between the compound interest and simple interest on rs 8000 at 15% per annum for 2 years
Answers
Given,
Principal amount (P) = Rs. 8000
Rate (R) = 15% per annum
Time (T) = 2 years
To find,
The difference between the compound interest and simple interest on Rs. 800 at 15% per annum for 2 years.
Solution,
The difference between the compound interest and simple interest on Rs. 800 at 15% per annum for 2 years will be Rs. 180.
We can easily solve this problem by following the given steps.
The formula to find the amount after compound interest is P(1+R/100)^T
Amount = P(1+R/100)^T
A = 8000 (1+15/100)²
A = 8000 (100+15/100)²
A = 8000 (115/100)²
Converting the fraction 115/100 into the simplest form by dividing it by 5,
A = 8000 (23/20)²
A = 8000 × 23/20 × 23/20
A = 80 × 23/2 × 23/2
A = 80×23×23/4
A = 20×23×23
A = Rs. 10580
So, the compound interest can be found by subtracting the principal amount from the compound amount.
Compound interest (CI) = A - P
CI = Rs. (10580-8000)
CI = Rs. 2580
The formula to find the simple interest is P×R×T/100.
SI = P×R×T/100
SI = 8000×15×2/100
SI = 80×15×2
SI = 80×30
SI = Rs. 2400
The difference between compound interest and simple interest = Rs. (2580-2400)
Difference = Rs. 180
Hence, the difference between the compound interest and simple interest on Rs. 800 at 15% per annum for 2 years is Rs. 180.
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