Find the difference between Simple Interest and Compound Interest for a sum of $8, 000$ lent at $10$ % p.a. in $2$ years.

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Solution

Here, $P =$ $8000$ , $n = 2$ years, $r = 10$ % p.a.
Difference between Compound Interest and Simple Interest for $2$ years $= P {(\frac{r}{100})}^{2}$
$= 8000 {(\frac{10}{100})}^{2}$
$= 8000 {(\frac{1}{10})}^{2}$
$= 8000 \times \frac{1}{10} \times \frac{1}{10} =$ $80$

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Find the difference between Simple Interest and Compound Interest for a sum of 8,000 lent at 10% p.a. in 2 years.

Here, P= 8000, n=2 years, r=10% p.a.Difference between Compound Interest and Simple Interest for 2 years =P(r100)2 =8000(10100)2 =8000(110)2 =8000×110×110= 80

Find the difference between Simple Interest and Compound Interest for a sum of $8, 000$ lent at $10$ % p.a. in $2$ years.

Here, $P =$ $8000$ , $n = 2$ years, $r = 10$ % p.a.
Difference between Compound Interest and Simple Interest for $2$ years $= P {(\frac{r}{100})}^{2}$
$= 8000 {(\frac{10}{100})}^{2}$
$= 8000 {(\frac{1}{10})}^{2}$
$= 8000 \times \frac{1}{10} \times \frac{1}{10} =$ $80$