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Find the difference between the compound interest and the simple interest on an amount of Rs.15000 at 8% per annum for 2 years.
- Rs. 120
- Rs. 108
- Rs. 96
- Rs. 100
Answer (Detailed Solution Below)
Option 3 : Rs. 96
Free
SSC GD Previous Paper 2 (Held On: 13 Feb 2019 Shift 1)_Hindi
100 Questions 100 Marks 90 Mins
Given:
P = 15000, and R = 8%, Time = 2 years
Formula used:
The difference between CI and SI for 2 years = Pr2/1002
Where, P = Principal, r = rate
Calculation:
As we know,
The difference between CI and SI for 2 years = Pr2/1002
The difference between CI and SI for 2 years
⇒ (15000 × 8 × 8)/(100 × 100)
⇒ Rs. 96
∴ The difference between CI and SI for 2 years is Rs. 96.
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MCQ
The difference between compound interest and simple interest on an amount of ₹15000 for 2 years is ₹96. What is the rate of interest per annum?
Options
8%
10%
12%
Data inadequate
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Solution
8%
Explanation :
We know for two year,
Sum = difference `× (100/R)^2`
∴ `15000=96xx(100/R)^2`
⇒ `R^2=(96xx1000)/15000 ⇒ R= 8%`
Concept: Simple and Compound Interest (Entrance Exam)
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