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The difference between the compound interest and the simple interest for 2 years on a sum of Rs.12000 at certain rate of interest is Rs 120. Find the rate of interest.

Option 1)
100% p.a
Option 2)
110% p.a
Option 3)
10% p.a
Option 4)
105% p.a
Option 5)
11% p.a

Answers (1)

best_answer

Difference for 2 years $= Pr^{2}/100^{2}$

$120 = 12000 \times \frac{r^{2} }{10000}$

$r^{2} = 100$

$r = 10$ %

Posted by

rishi.raj

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