New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    The difference between compound interest and simple

    interest at rate of 12% per annum for 2 years is Rs. 144. Find the simple interest obtained on same amount for a period of 2 years at rate of 10% per annum.
    A Rs. 2000 Correct Answer Incorrect Answer
    B Rs. 3000 Correct Answer Incorrect Answer
    C Rs. 2400 Correct Answer Incorrect Answer
    D Rs. 1500 Correct Answer Incorrect Answer
    E Rs. 1200 Correct Answer Incorrect Answer

    Solution

    Let, the amount be Rs. P. P[(1 + 12/100)2 – 1] – P × 12% × 2 = 144 P × 0.2544 – P × 0.24 = 144 P × 0.0144 = 144 P = 144 ÷ 0.0144 = Rs. 10000 Therefore, required interest = 10000 × 10% × 2 = Rs. 2000

    Practice Next

    Relevant for Exams: