On a sum of Rs. 15,000 over two years, the difference between compound and simple interest is Rs. 96. How much does it cost to borrow money and how much does it cost to borrow money?
A. 8
B. 10
C. 12
D. Cannot be determined
Answer:A
On a sum of Rs. 15,000 over two years, the difference between compound and simple interest is Rs. 96. How much does it cost to borrow money and how much does it cost to borrow money?
A. 8 B. 10 C. 12 D. Cannot be determined
Explanation: 96 = 15000 (100 + R)2 - 10000 (200 x R)/1000 =64 = R2 = 96 x 2/3=8=R.