Find out the difference of simple interest for 2 years and 3 years on a sum of Rs. 2100 at 8% per annum?
1. Rs. 168
2. Rs. 172
3. Rs. 176
4. Rs. 150
1. Rs. 168
2. Rs. 172
3. Rs. 176
4. Rs. 150
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Correct Answer – Option 1 : Rs. 168
Given:
Principal = Rs. 2100
Rate of interest = 8%
Time period = 2 years and 3 years
Concept used:
S.I for each and every year is the same. So, the difference will be interest for 1 year
S.I = PRT/100
Calculation:
S.I for 1 year = Rs. (2100 × 8)/100
⇒ Rs. 168
∴ The required difference is Rs. 168