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Rumit Kumar Singh

· started a discussion

· 1 Months ago

How do we know if we have to use SI or CI ? (Question: 186268.0 )

How do we know if we have to use SI or CI ?

Question:
The true discount on a sum of money due 2 years hence at 5% is Rs. 15. Find the amount.
Options:
A) 150
B) 165
C) 170
D) 160
Solution:
Ans: (b)


Knowledge Expert

· commented

· 1 Months ago

Simple interest is charged only on the principal amount while Compound interest is charged on the principal plus any interest accrued till the point of time at which interest is being calculated. In other words, compound interest system works as follows:

1. Interest for the first period charged on principle amount.

2. For the second period, its charged on the sum of principle amount and interest charged during the first period.

3. For the third period, it is charged on the sum of principle amount and interest charged during first and second period, and so on ...
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