Advertisements
Advertisements
Question
The difference between the compound interest and simple interest on a certain sum for 2 years at 7.5% per annum is Rs 360. Find the sum.
Advertisements
Solution
Let the sum be P .
Thus, we have:
CI - SI = 360
\[\left[ P \left( 1 + \frac{R}{100} \right)^n - P \right] - \frac{P \times 7 . 5 \times 2}{100} = 360\]
\[P\left[ \left( 1 + \frac{7 . 5}{100} \right)^2 - 1 \right] - \frac{P \times 7 . 5 \times 2}{100} = 360\]
\[P\left[ 1 . 155625 - 1 \right] - \] 0.15P= 3600.155625P - 0.15P=3600.005625P= 360p=`360/0.005625P` = 64000
Thus, the required sum is Rs. 64.
RELATED QUESTIONS
At what rate percent per annum will a sum of Rs 4000 yield compound interest of Rs 410 in 2 years?
The compound interest, calculated yearly, on a certain sum of money for the second year is Rs. 1,089 and for the third year it is Rs. 1,197.90. Calculate the rate of interest and the sum of money.
What sum will amount of Rs. 6,593.40 in 2 years at C.I. , if the rates are 10 per cent and 11 per cent for the two successive years ?
Calculate the compound interest on Rs. 15,000 in 3 years; if the rates of interest for successive years be 6%, 8%, and 10% respectively.
A certain sum of money invested for 5 years at 8% p.a. simple interest earns an interest of ₹ 12,000. Find:
(i) the sum of money.
(ii) the compound interest earned by this money in two years and at 10% p.a. compound interest.
A man borrows Rs 62500 at 8% p.a., simple interest for 2 years. He immediately lends the money out at CI at the same rate and for same time. What is his gain at the end of 2 years?
The simple interest on a certain sum for 3 years at 4% is Rs 600. Find the compound interest for the same sum at the same percent and in the same time.
The compound interest payable annually on a certain sum for 2 years is Rs 40.80 and the simple interest is Rs 40. Find the sum and the rate percent.
Suppose for the principal P, rate R% and time T, the simple interest is S and compound interest is C. Consider the possibilities.
- C > S
- C = S
- C < S
Then
Compound interest is the interest calculated on the previous year’s amount.
