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Rajan borrowed Rs 5000 at 8% annum for 3 years . Find the difference between compound interest and simple interest assuming compounded annually

Asked by alphin.jacob 27th January 2016, 6:37 PM
Answered by Expert
Answer:

 

Simple space interest space equals space PNR over 100 equals fraction numerator 5000 cross times 8 cross times 3 over denominator 100 end fraction equals Rs 1200  Compound space interest space equals space straight P open square brackets 1 plus straight r over 100 close square brackets to the power of straight t minus straight P equals 5000 open square brackets 1 plus 8 over 100 close square brackets cubed minus 5000 space equals space Rs space 1298.56  Difference space between space compound space interet space and space simple space interest equals space 1298.56 space minus space 1200 equals Rs space 98.56

Answered by Expert 27th January 2016, 6:51 PM
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