Find the difference in simple interest and compound interest on rupees

1.	Find the difference in simple interest and compound interest on rupees 5000 at 20 persent per annum for 3 years
Answer» ANSWER: Step-by-step explanation: FORMULAE of simple INTEREST = P×T×R/100 5000×3×20/100 =3000 Formula of compound interest=A=p(1+r/100)^t 5000(1+20/100)^3 =8640 NOW. the DIFFERENCE between them is 8640-3000 =5640

Find the difference in simple interest and compound interest on rupees 5000 at 20 persent per annum for 3 years

Answer»

Step-by-step explanation: FORMULAE of simple INTEREST = P×T×R/100

5000×3×20/100 =3000

Formula of compound interest=A=p(1+r/100)^t

5000(1+20/100)^3 =8640

NOW. the DIFFERENCE between them is 8640-3000 =5640