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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