If the difference between the simple interest | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(A) The formula for the difference between compound interest $(CI)$ and simple interest $(SI)$ for $3$ years is given by:Difference $= \frac{P 	imes

Vedclass · Accepted Answer

$8400$

Vedclass · Answer

(A) The formula for the difference between compound interest $(CI)$ and simple interest $(SI)$ for $3$ years is given by:Difference $= \frac{P 	imes r^2}{100^2} 	imes \left(\frac{r}{100} + 3ight)$Here,$r = 15$ and the difference $= 595.35$.Substituting the values:$595.35 = \frac{P 	imes 15^2}{100^2} 	imes \left(\frac{15}{100} + 3ight)$$595.35 = \frac{P 	imes 225}{10000} 	imes (0.15 + 3)$$595.35 = \frac{P 	imes 225}{10000} 	imes 3.15$$595.35 = \frac{P 	imes 708.75}{10000}$$P = \frac{595.35 	imes 10000}{708.75}$$P = \frac{5953500}{708.75} = 8400$Thus,the principal amount is $Rs. 8400$.

If the difference between the simple interest and compound interest earned on an amount at $15$ $p.c.p.a.$ at the end of $3$ years is $Rs. 595.35$,what is the amount (in $Rs.$)?

Similar Questions

Find the least number of complete years in which a sum of $Rs. 1500$ at $25 \%$ compound interest will be more than double.

$A$ person takes a loan of ₹ $10,000$ at an interest rate of $10 \%$ compounded annually for a period of $4$ years. How much interest (in ₹) does he have to pay?

If the difference between $S.I.$ and $C.I.$ for $2$ years on a sum of money lent at $5 \%$ per annum is $₹ 6$,then the sum is:

If the compound interest on a certain sum for $2$ years is ₹ $105$ and simple interest is ₹ $100$,then the sum (in ₹) is:

An amount of money at compound interest grows up to ₹ $3,840$ in $4$ years and up to ₹ $3,936$ in $5$ years. Find the rate of interest (in $\%$).

Vedclass Test Series

Exam Paper Generator

Online Exam Module