Compound Interest Practice Test 5

Question : 20 of 40

Marks: +1, -0

What will be the difference between compound and simple interest on Rs. 11,000 for 2 years at 6%per annum?

Solution:

Required difference

=11000[(1+6/100)^2-1]-{11000×6×2}/100

=11000×309/2500-1320

= 1359.60 – 1320 = Rs. 39.60

Go to Question:

Prev Question

Next Question