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Discussion :: IBPS BANK EXAM TEST 3

  1. What is the difference between the compound interest and simple interest accured on an amount of Rx. 12,000 at the end of three years at the rate of 12%?
    2. A.

    Rs. 539.136
    B.

    Rs. 602.242
    C.

    Rs. 495.248
    D.

    Rs. 488.322
    E.

    None of these

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    Answer : Option A

    Explanation :

    S.I = (Principal * Time * Rate)/100
    = (12000 * 3 * 12) / 100 = Rs. 4320
    C.I = P[(1 + R/100)T - 1]
    = 12000[(1 + 12/100)3 - 1]
    = 12000[(28/25)3 - 1]
    = 12000[(21952/15652) - 1]
    = 12000 * 6327/15625
    = Rs. 4853.136
    Difference = 4859.136 - 4320
    = Rs. 539.136

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