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7. What is the difference between simple interest on 5,000 at 8% per annum for 3/2 years and simple interest on 4,000 at 4% per annum for 8 years? (2016) A (C) 20 (D) 380 |
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Answer» Step-by-step EXPLANATION: Given :-5,000 at 8% per annum for 3/2 YEARS and simple interest on 4,000 at 4% per annum for 8 years To find :-What is the difference between simple interest on the given periods ? Solution :-Given that : Principle (P) = Rs. 5000 Time (T) = 3/2 years Rate of interest (R) = 8% We KNOW that Simple Interest (SI) = PTR/100 => SI = (5000×3×8)/(2×100) => SI = 25×3×8 => SI = Rs. 600 Simple Interest = Rs. 600 ----------(1) Principle (P) = Rs. 4000 Time (T) = 8 years Rate of interest (R) = 4% We know that Simple Interest (SI) = PTR/100 => SI = (4000×4×8)/100 => SI = 40×4×8 => SI = Rs. 1280 Simple Interest = Rs. 1280 ----------(2) The difference between Simple Interests => 1280-600 =>Rs. 680 Answer:-The difference between Simple Interests for the given problem is Rs. 680 Used formulae:-
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