Question : The difference between the compound interest and simple interest on Rs. 5,000 for 2 years at 8% per annum payable yearly is:
Option 1: Rs. 30
Option 2: Rs. 31
Option 3: Rs. 33
Option 4: Rs. 32
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
Correct Answer: Rs. 32
Solution :
Principal Amount, $P$= Rs. 5000
Rate of interest, $R$ = 8%
Time period, $T$ = 2 years
Difference between compound interest and simple interest for 2 years
= $\frac{{PR^2}}{100^2}$
= $\frac{{5000 × 8^2}}{100^2}$
= $\frac{{50 × 64}}{100}$
= Rs. 32
Hence, the correct answer is Rs. 32.
Related Questions
Know More about
Staff Selection Commission Combined Grad ...
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Get Updates Brochure
Your Staff Selection Commission Combined Graduate Level Exam brochure has been successfully mailed to your registered email id “”.
