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The difference between the simple and compound interest on Rs. 12500 for 3 years at 4% is

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Rs. 60.50

Rs. 60.80

Rs. 60.00

Rs. 60.20

answer is B.

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Detailed Solution

For 3 years, the difference between simple and compound interest is

Difference $= 3 P {(\frac{R}{100})}^{2} + P {(\frac{R}{100})}^{3} = P {(\frac{R}{100})}^{2} (3 + \frac{R}{100})$

$= 12500 \times {(\frac{4}{100})}^{2} (3 + \frac{4}{100}) = 12500 \times \frac{16}{10000} \times \frac{304}{100}$

$= R s .60.80$

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