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.

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Solution

Simple Interest (I_s) = 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= 150000.08t
t= 2 years

Compound Interest (I_c) = 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

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