The difference between compound interest and simple interest on Rs. 2000 for 3 years at 5% per annum is: MCQ with Answer and Explanation

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The difference between compound interest and simple interest on Rs. 2000 for 3 years at 5% per annum is:

A. Rs. 16.00

B. Rs. 15.25

C. Rs. 15.50

D. Rs. 16.50

Answer: Option B

Solution (By JKSSB Mock Tests)

CI − SI = P × (R/100)² × (3 + R/100) = 2000 × 0.0025 × 3.05 = 2000 × 0.007625 = Rs. 15.25.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between the compound interest compounded annually and the simple interest on a certain sum of money for 2 years at 6% per annum is Rs. 14.40. Find the sum.

A. Rs. 4400

B. Rs. 3600

C. Rs. 4200

D. Rs. 4000

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Correct Answer: Option D

Explanation:
Difference for 2 years = P * (R/100)^2 => 14.40 = P * (6/100)^2 => 14.40 = P * (36 / 10000) => P = (14.40 * 10000) / 36 = 144000 / 36 = Rs. 4000.

This question belongs to: Maths Compound Interest