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Question

The simple interest on Rs 15000 for a time period at 8% per annum is Rs 2400.what will the compound interest on the same sum at the same rate for that time period.


Solution

Simple Interest (Is) = P × i × t

Where,
   P is the principle amount;
   i is the interest rate per period;
   t is the time for which the money is borrowed or lent.

2400= 15000*0.08*t
t= 2 years 

Compound Interest (Ic) = P × (1 + i) n – P

Where,
   P is the principle amount;
   i is the compound interest rate per period;
   n are the number of periods.

Ic = 15000 * (1+0.08)² - 15000
Ic = 2496


Mathematics

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