what is the difference in simple interest and compound interest on 15000 for 2 years at 6%p.a compound annual ly
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SOLUTION:-
Given:
•Principal,(P)= Rs.15000
•Rate, (R)= 6%
•Time,(T)= 2 years
To find:
The difference between simple interest & compound Interest.
Explanation:
Firstly, we find Simple Interest;
Formula:
&
Compound Interest:
Amount - Principal
Now,
C.I.= A -P
C.I.= Rs.16854 - Rs.15000
C.I.= Rs.1854
Difference of the Interest:
=) Rs.(1854 - 1800)
=) Rs.54
Thus,
The difference between simple interest & compound Interest is Rs.54.
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