wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Fill in the blanks to make the statement true:

The difference of interest for 2 years and 3 years on a sum of 2100 at 8% per annum is _________.


Open in App
Solution

Evaluate interest rate(s)

Given, principal amount P=2100

and, interest rate I=8%

We know that, I=P×R×T100

In case when time (T) is 2 years, I=2100×8×2100, i.e. 336

In case when time (T) is 3 years, I=2100×8×3100, i.e. 504

So, the difference between the two interest amounts will be 504-336=168

Hence, the difference of interest for 2 years and 3 years is 168


flag
Suggest Corrections
thumbs-up
5
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Finding Discounts
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon