Find the difference between simple interest and compound interest on Rs.20000 at 8p.c.p.a

see full answer

High-Paying Jobs That Even AI Can’t Replace — Through JEE/NEET

🎯 Hear from the experts why preparing for JEE/NEET today sets you up for future-proof, high-income careers tomorrow.

An Intiative by Sri Chaitanya

118

128

138

148

answer is B.

(Unlock A.I Detailed Solution for FREE)

Best Courses for You

JEE

NEET

Foundation JEE

Foundation NEET

CBSE

Detailed Solution

Concept- Simple interest is when it is calculated based on the principal amount, compound interest includes the interest gained in every period along with the principal amount.
The difference of simple interest and compound interest can be calculated by using the below formula:
Question Image

d = Difference
P = Principal
R = Rate
T = Time period
If the question time period is not given, we will take the time period as 2 years.
Now substituting the values in the equation:
Question Image

Difference in SI and CI is Rs.128
Hence, the correct answer is option 2.

Watch 3-min video & get full concept clarity