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Question
The difference of interest for 2 years and 3 years on a sum of ₹ 2100 at 8% per annum is ______.
Solution
The difference of interest for 2 years and 3 years on a sum of ₹ 2100 at 8% per annum is ₹ 168.
Explanation:
From the question it is given that,
P = ₹ 2100
Time = 2 years
Rate = 8%
Then, we know the formula of Simple interest I = `(P xx R xx T)/100`
I = `(2100 xx 2 xx 8)/100`
I = `33600/100`
I = ₹ 336
Then, Time = 3 years
I = `(P xx R xx T)/100`
I = `(2100 xx 3 xx 8)/100`
I = `50400/100`
I = ₹ 504
The difference of interest for 2 years and 3 years = 3 years – 2 years
= ₹ 504 – ₹ 336
= ₹ 168
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