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 _________.

Answer:

The difference of interest for 2 years and 3 years on a sum of ₹ 2100 at 8% per annum is ₹ 168.

Given:

  • P = ₹ 2100
  • Time = 2 years
  • Rate = 8%

Then, we know the formula of Simple interest (I)

I = (P × R × T)/100

I = (2100 × 2 × 8)/100

I = 33600/100

I = ₹ 336

Then,

Time = 3 years

I = (P × R × T)/100

I = (2100 × 3× 8)/100

I = 50400/100

I = ₹ 504

The difference of interest for 2 years and 3 years = 3 years – 2 years

= ₹ 504 – ₹ 336

= ₹ 168

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