Advertisements
Advertisements
Question
The difference between simple interest and compound interest on a certain sum of money is Rs. 32 at 8% per annum for 2 years. Find the amount.
Advertisements
Solution
Compound Interest = A – P
= `"P"(1 + "R"/100)^"T" - "P"`
Simple interest = `"PRT"/100`
Given R = 8%, T = 2 years and
compound interest – simple interest = ₹ 32
∴ `"P"[(1 + "R"/100)^"T" - 1] - "PRT"/100 = 32`
i.e. `"P"([(1 + 8/100)^2 - 1] - (8 xx 2)/100) = 32`
`"P" = ([(108/100)^2 - 1] - 8/50)` = 32
P[(1.08)2 − 1 − 0.16] = 32
P[1.1664 − 1.16] = 32
∴ 0.0064 P = 32
P = `32/0.0064`
= `320000/64`
= `10000/2`
p = ₹ 5000
∴ The man will receive a compound interest of ₹ 5000
APPEARS IN
RELATED QUESTIONS
The difference between Simple Interest and Compound Interest on Rs. 500 for 1 year at 10% per annum, reckoned half-yearly is
Choose the most appropriate option.
The difference between simple interest and compound interest at the same rate for rupees 5,000 for two years is rupees 98. The rate of interest is:
What will be the difference in simple and compound interest on Rs. 2, 000 after three years at the rate of 10 percent per annum?
A sum is divided between A and B in the ratio of 1: 2. A purchased a car from his part, which `14 2/7%` depreciates per annum and B deposited his amount in a bank, which pays him20% interest per annum compounded annually. By what percentage will the total sum of money increase after two years due to this investment pattern (approximately).
Kirti took a loan of ₹800 at a rate of 11% per year for 7 months. After seven months she has to pay
The value of a car depreciates every year at the rate of 10% on its value at the beginning of the year. If the present value of the car is ₹52,488, its worth four years ago was
A certain sum of money was deposited in the bank and it became two-fold in 10 years, what is the rate of simple interest?
If ₹80 amounts to ₹140 in 4 years, what will ₹96 amount to in 10 years at the same rate of interest per annum?
A person borrows ₹ 5000 for 2 yr at 4% per annum simple interest. He immediately lends it to another person at `6 1/4` per annum for 2 yr. Find his gain in the transaction per year.
An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%. the effective rate of interest becomes
The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is ₹1. The sum (in₹) is
A sum invested for 3 years compounded at 5%, 10%, and 20% respectively. In 3 years, if the sum amounts to ₹16632, then find the sum:
A sum of money at simple interest amounts to ₹815 in 3 years and to ₹854 in 4 years. The sum is
What would be the simple interest on an amount of Rs. 9600 at the rate of 6% per annum after 3 years?
What would be the simple interest at the rate of `9 1/2%` per annum on Rs. 6000 for `2 1/2` years?
Find the compound interest on Rs.10000 for 2 years at 8% per annum compounded half-yearly.
A salesperson, with a view to promoting sales of an item, applies the principle of simple interest. He declares that 300 pieces of the item can be obtained immediately against cash payment, but a customer will get only 200 pieces of the item if he defers the payment for a year. What is the rate percentage of interest on the whole?
If the Interest paid by Sambha on ₹14000, is ₹1260 for a period of 3 years. then find the rate of simple interest charged.
The simple interest accrued in 2 years on a principal of ₹24000 is one-eighth of the principal. What is the rate of simple interest p.c.p.a.?
