Simple & Compound Interest · Question 24 · Medium
Simple & Compound Interest question 24
The difference between the compound interest (compounded annually) and the simple interest on a sum for 2 years at 12% per annum is ₹216. What is the sum?
- ₹15,000
- ₹18,000
- ₹1,800
- ₹12,000
Answer and explanation
Answer: A. ₹15,000
Explanation: For 2 years, CI − SI = P(R/100)². So 216 = P × 0.0144 and P = ₹15,000.
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