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Quantitative Aptitude :: Compound Interest Problems And Answers

31. The compound interest on a sum for 2 years is Rs. 832 and the simple interest on the same sum for the same period is Rs. 800. The difference between the compound and simple interest for 3 years will be
A. Rs. 48 B. Rs. 98.56
C. Rs. 66.56 D. None of these
Answer & Explanation

Answer: Option B

Explanation:
Given that simple interest for 2 years is Rs.800
i.e., Simple interest for 1st year is Rs.400
and simple interest for 2nd year is also Rs.400
Compound interest for 1st year will be 400
and Compound interest for 2nd year will be 832 - 400 = 432
you can see that compound interest for 2nd year is more than simple interest for 2nd year by 432 - 400 = Rs.32 
i.e, Rs. 32 is the interest obtained for Rs.400 for 1 year
Rate, R = 100 × SI/PT = (100×32)/(400 × 1) = 8%
Difference between compound and simple interest for the 3rd year
= Simple Interest obtained for Rs.832 
= PRT/100 = (832 × 8 × 1)/100 = Rs. 66.56
Total difference between the compound and simple interest for 3 years
= 32 + 66.56 = Rs.98.56
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