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Find the difference between Compound Interest (calculated annually) and Simple Interest on Rs 45,000 at 12% per annum for 2 years.

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Find the difference between Compound Interest (calculated annually) and Simple Interest on Rs 45,000 at 12% per annum for 2 years.

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Given,

P = 45,000

N = 2 years

R = 12%

Calculating Simple Interest

Calculating Compound Interest

Difference between CI and SI

CI - SI = 11448 - 10800

CI - SI = 648

Hence, the difference between the Compound Interest and Simple Interest is Rs. 648.

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