Question

What will be the difference between
simple interest and compound interest
on sum of Rs. 6000 in 2 years at the rate
of interest of 5% p.a.?
Rs. 15
Rs. 20
Rs. 30
Rs. 10​

Answer 1

Given :

⬤ Principal = Rs. 6000 .

⬤ Time Taken = 2 years .

⬤ Rate of Interest = 5% .

To Find :

⬤ Difference between Simple Interest and Compound Interest .

Formula Used :

$\bf[\:{Simple\:Interest=\dfrac{P\times{R}\times{T}}{100}}\:]$

• P = Principal
• R = Rate
• T = Time

Solution :

According to the Formula :-

P×R×T/100

6000 × 5 × 2/100

60 × 5 × 2

600

Therefore , The Simple Interest is Rs. 600 .

Now :

We Need to Calculate Amount . Hence ,

Formula = Amount = P(1 + r/100)^t

6000 (1 + 5/100)²

6000 (1/1 + 5/100)²

6000 (100 + 5/100)²

6000 (105/100)²

6000 (11025/10000)

6000 × 11025/10000

66150/10

6615

Therefore , The Amount is Rs. 6615.

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Formula Used :

$\bf[\:{Compound\:Interest=Amount-Principal}\:]$

Now :

According to the Formula :-

6615 - 6000

615

Therefore , The Compound Interest is 615 .

As given that , We have to Find Difference between Simple Interest and Compound Interest . Hence ,

• Simple Interest (S.I) = Rs. 600
• Compound Interest (C.I) = Rs. 615 .

C.I - S.I

615 - 600

15

Therefore , Difference between Compound Interest and Simple Interest is Rs. 15 .

Option a) Rs. 15 is Correct .

Answer 2

Answer:

Step-by-step explanation:

Given :

⬤ Principal = Rs. 6000 .

⬤ Time Taken = 2 years .

⬤ Rate of Interest = 5% .

To Find :

⬤ Difference between Simple Interest and Compound Interest .

Formula Used :

P = Principal

R = Rate

T = Time

Solution :

According to the Formula :-

P×R×T/100

6000 × 5 × 2/100

60 × 5 × 2

600

Therefore , The Simple Interest is Rs. 600 .

Now :

We Need to Calculate Amount . Hence ,

Formula = Amount = P(1 + r/100)^t

6000 (1 + 5/100)²

6000 (1/1 + 5/100)²

6000 (100 + 5/100)²

6000 (105/100)²

6000 (11025/10000)

6000 × 11025/10000

66150/10

6615

Therefore , The Amount is Rs. 6615.