Question
Download Solution PDFIf the difference between the simple interest and the compound interest, compounding annually on a certain sum borrowed for 2 years at 8% per annum is ₹512, then find the sum borrowed (in ₹).
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Difference between simple and compound interest = ₹512
Time = 2 years
Rate of interest = 8%
Concept:
The difference between compound interest and simple interest for two years is given by the formula = P × (R/100)2.
Solution:
⇒ Principal (P) = Difference between SI and CI/(R/100)2
⇒ P = ₹512/(8/100)2
⇒ P = ₹512/64 × 10000
⇒ P = ₹80,000
Therefore, the sum borrowed is ₹80,000.
Last updated on Jul 8, 2025
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