Difference between compound interest and simple interest on ₹ 8000 for 3 years at 5 % per annum is

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6.Interest

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The difference between the compound interest and the simple interest on ₹ $8000$ for $3$ years at $5 \%$ per annum is (In ₹)

A

$61$

B

$63$

C

$65$

D

None of these

Solution

(a) We have,

$CI – SI =P\left[\left(\frac{R}{100}\right)^{3}+3\left(\frac{R}{100}\right)^{2}\right]$

$=8000\left[\left(\frac{5}{100}\right)^{3}+3\left(\frac{5}{100}\right)^{2}\right]$

[Here, $P=8000$ and $R=5]$

$=8000\left[\frac{125+7500}{100 \times 100 \times 100}\right]=₹ 61$

Standard 13

Quantitative Aptitude

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