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How do you find the rate of compound interest in India?

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How do you find the rate of compound interest in India?

Q.3. The compound interest on a certain sum of money for 2 years is Rs. 208 and the simple interest for the same time at the same rate is Rs. 200. Find the rate \%. CI = Rs. 208 = Rs. 100 + Rs. 108 (In first year SI & CI are equal.)

What is the sum of the difference between simple interest and compound?

The difference in simple interest and compound interest on a certain sum of money in 3 years at 10 \% p.a. is Rs. 372. The sum is Explanation: Let us assume P= Rs. 1000. SI= Rs. 300, CI = Rs. 331 Difference = 331 – 300 = Rs. 31. Applying the unitary method, the difference Rs. 372 is 12 times Rs. 31.

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What is the rate of interest on Si for 2nd year?

Explanation: SI for 3 years = 225 → SI for 1 year = 75 ∴ CI for 1 year = 75. So CI for 2 nd year = 90 and SI for 2 nd year = 75. Difference = 15 ∴ Rate of interest = (15/75)x100 = 20 \% Q.6. The simple interest on a sum of money for 2 years is Rs. 150 and the compound interest on the same sum at same rate for 2 years is Rs. 155. The rate \% p.a. is

What is the difference between compound interest and accrued interest?

Compound interest is interest on unpaid interest. 10\% on 1000 is 100 interest. If the 100 i snot paid, then next year’s interest is 100 on 1000 and 10 on 1oo, a total of 100 interest in yr-2. Accrued interest is unpaid interest. In the above example accrued interest at yr-1 is 100.

How do you calculate the gap between simple interest and compound interest?

The compound interest on a certain sum of money for 2 years is Rs. 208 and the simple interest for the same time at the same rate is Rs. 200. Find the rate \%. CI = Rs. 208 = Rs. 100 + Rs. 108 (In first year SI & CI are equal.) Therefore, Rs.8 Gap is because of the interest of 1 st year interest.

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What is the principal of simple interest on a sum?

Let x be the Principal. CI = P * (1 + R/100)^N – P where CI is Compound Interest, P is Pincipal, R is rate of Interest & N is No. of years. And SI = PNR/100 where SI is Simple Interest & all other terms are same as above. So, the Principal is Rs. 16,000/-. The simple interest on a certain sum for 2 years at 10\% per annum is Rs.