A sum of Rs. 2000 is lent out at 10% per annum simple interest. What is the difference between the interest earned in the 6th year and the 7th year?
Question
Solution 1
In simple interest, the interest is calculated on the initial principal amount. It means the interest remains the same every year.
The formula for simple interest is I = PRT/100, where:
- I is the interest
- P is the principal amount (the initial amount of money)
- R is the rate of interest per yea Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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