1.

Ravi took a loan of certain amount from a bank. If the difference of compound interest and simple interest on that amount for 3 years at the rate of 5% per annum is Rs. 11.40, then the amount is1). Rs. 15002). Rs. 14753). Rs. 13954). Rs. 1495

Answer»

We know that,

S.I. = Simple interest 

C.I. = Compound interest 

 P = PRINCIPAL AMOUNT 

R = interest rate

T = time

CI - SI = P(R/100)2(R/100 + 3)

∴ P = [(CI - SI) × (100)3/{(R)2 × (300 + R)}]

⇒ (11.4 × (100)3)/{(5)2 × (300 + 5)}

⇒ Rs. 1495


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