Worksheet on Difference of Compound Interest and Simple Interest

Practice the questions given in the worksheet on difference of compound interest and simple interest.

Compound interest for 2 years – simple interest for two years

= P{(1 + \(\frac{r}{100}\))\(^{2}\) - 1} - \(\frac{P × r × 2}{100}\)

= P × \(\frac{r}{100}\) × \(\frac{r}{100}\)

= \(\frac{(P × \frac{r}{100}) × r × 1}{100}\)

= Simple interest for 1 year on “Simple interest for 1 year”.

1. Find the difference between compound interest and simple interest on $ 12,000 and in 1\(\frac{1}{2}\) years at 10% compounded yearly.

2. What is the difference of the compound interest and the simple interest on $ 14,000 at the interest rate of 10% per annum for 2 years?

3. Find the difference between the simple interest and compound interest on $ 12000 for 2 years at 7.5% per annum.

4. Find the difference between compound interest and simple interest on $ 12,000 and in 1\(\frac{1}{2}\) years at 10% compounded half-yearly.

5. A man invested $ 8,000 for 3 years at a simple interest rate of 8% per annum. Had the invested the same sum for the same period at a compound interest rate of 7\(\frac{1}{2}\) % per annum, how much more would he have received after 3 years?

6. On what sum of money will the difference between compound interest and simple interest be $ 840 in 2\(\frac{1}{2}\) years at 20% per annum compounded annually?

7. Find the difference between the simple interest and compound interest on $ 40000 for 3 years at 8% per annum.

8. If the difference of the CI and the SI on a sum of money for two years is $ 12.50 at the annual interest rate of 5%, find the sum of money.

9. Find the sum of money invested, if the difference between the compound interest and simple interest for 2 years at 9% per annum is $ 12960.

10. If the difference of the CI and the SI on a sum of money for 2 years is 1% of the sum of money then, find the annual rate of interest.

11. The compound interest in one year on a certain sum of money at 10 % per annum compounded half-yearly exceeds the simple interest on the same sum at the same rate and for the same period by $ 30. Calculate the sum.

12. On what sum of money, will the difference between the compound interest and simple interest for 3 years become $ 930 at 10% per annum.

13. If the rate of interest is 6\(\frac{2}{3}\)% per annum and the difference of the CI and the SI on a sum of money for 3 years is $ 46 then find the sum of money.


Answers for the worksheet on difference of compound interest and simple interest are given below.

 

Answers:


1. $ 60

2. $ 140

3. $ 67.50

4. $ 91.50

5. $ 18.38

6. $ 10,000

7. $ 788.48

8. $ 5,000

9. $ 16,000

10. 10%

11. $ 12,000

12. $ 30,000

13. $ 3,375




8th Grade Math Practice 

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