Question 105

The difference between the compound interest and simple interest on a certain sum for 2 years at 10% per annum is 300. Find the sum.

Solution

If the principal amount is Rs P and rate of interest is R% then ,

R = 10% per annum

difference between Compund Interest and Simple Interest for 2 years = $$\frac{P(R)^2}{100^2}$$ = 300

$$\frac{P(10)^2}{100^2}$$ = 300

P = Rs 30000

Share on Whatsapp Share on Whatsapp

Create a FREE account and get: