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- The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?
- Solution(By Examveda Team)
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- What is the difference between the compound interest on a sum of Rs. 15000 at 8% per annum after 1 year compounded yearly and half-yearly?
- Answer (Detailed Solution Below)
- Find the difference between the compound interest and the simple interest on an amount of Rs.15000 at 8% per annum for 2 years.
- Answer (Detailed Solution Below)
- What is the compound interest on Rs 15000 for 2 years?
- What will be the compound interest on 15000 for 2 years at 7% per annum?
- What is the difference between the compound interest and simple interest on rupees 10000 for 2 years at 6.5 per annum?
- What is the formula of difference between simple interest and compound interest for 2 years?
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The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?
A. 8
B. 10
C. 12
D. Cannot be determined
E. None of these
Answer: Option A
Solution(By Examveda Team)
$$\left[ {15000 \times {{\left( {1 + \frac{R}{{100}}} \right)}^2} - 15000} \right]$$ $$ - $$ $$\left( {\frac{{15000 \times R \times 2}}{{100}}} \right)$$ $$ = 96$$
$$ \Rightarrow 15000\left[ {{{\left( {1 + \frac{R}{{100}}} \right)}^2} - 1 - \frac{{2R}}{{100}}} \right] = 96$$
$$ \Rightarrow 15000$$ $$\left[ {\frac{{{{\left( {100 + R} \right)}^2} - 10000 - \left( {200 \times R} \right)}}{{10000}}} \right]$$ $$ = 96$$
$$\eqalign{ & \Rightarrow {R^2} = {\frac{{96 \times 2}}{3}} = 64 \cr & \Rightarrow R = 8 \cr & \therefore {\text{Rate}} = 8\% \cr} $$
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Related Questions on Compound Interest
What is the difference between the compound interest on a sum of Rs. 15000 at 8% per annum after 1 year compounded yearly and half-yearly?
- Rs. 12
- Rs. 18
- Rs. 24
- Rs. 30
- Rs. 36
Answer (Detailed Solution Below)
Option 3 : Rs. 24
Free
Syllogism (Clear Your Basics)
10 Questions 10 Marks 10 Mins
Given, Principal = Rs. 15000
Rate = 8%
Time = 1 year
∵ When the interest is compounded annually, Compound interest = Principal × [(1 + Rate/100)Time – 1]
⇒ Compound interest = 15000 × [(1 + 8/100) – 1] = 15000 × 8/100 = Rs. 1200
∵ When the interest is compounded half-yearly, Compound interest = Principal × [(1 + Rate/200)2 × Time – 1]
⇒ Compound interest = 15000 × [(1 + 8/200)2 – 1] = 15000 × (1.0816 – 1) = 15000 × 0.0816 = Rs. 1224
∴ Required difference = 1224 – 1200 = Rs. 24
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Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now!
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.
Let's discuss the concepts related to Interest and Simple and Compound Both. Explore more from Quantitative Aptitude here. Learn now!
What is the compound interest on Rs 15000 for 2 years?
A = ₹ 18,816. Q. Calculate the amount on ₹ 15,000 in 2 years at 12 % compounded annually.
What will be the compound interest on 15000 for 2 years at 7% per annum?
CI = 3150 Rs Therefore, compound interest is 3150 Rs.
What is the difference between the compound interest and simple interest on rupees 10000 for 2 years at 6.5 per annum?
Detailed Solution The difference between compound interest and simple interest on Rs. x at 6.5% per annum for 2 years is Rs. 33.80.
What is the formula of difference between simple interest and compound interest for 2 years?
We will discuss here how to find the difference of compound interest and simple interest. If the rate of interest per annum is the same under both simple interest and compound interest then for 2 years, compound interest (CI) - simple interest (SI) = Simple interest for 1 year on “Simple interest for one year”.