Simple Interest
Simple Interest
that the interest is incurred simply on the principal amount
Simple interest is interest that is calculated each year as a fixed percentage of the original amount of money borrowed or invested .
Formula:
,
where P = initial amount , R = rate of interest , T = time
where P = principal or initial amount , I = rate of interest in decimal form , N = time or duration
Illustration: Mr Bector deposited a sum of Rs 5596 at a simple interest for 5 years at 10% rate of interest. Find Simple interest and the Amount.
Solution : P = 5596 Rs.
R = 10 %
T = 5 Years
Amount = P + SI = 5596 + 2798 = 8394 Rs
Illustration: Find the simple interest payable on an investment of $ 20000 at 12% p.a. over a period of 4 years ?
Solution : here P = 20000 , R = 12% which is also 0.12 , N = 4
now , SI = PIN
SI = 20000 0.12
4 = 9600
So the simple interest is $9600
Mr.Mittal finds that an increase in the rate of interest from | |||
| Right Option : A | |||
| View Explanation | |||
Rajan borrowed Rs.50000 from Rakesh at Simple Interest. After 3 years, Rakesh got Rs.3000 more than what he had given to Rajan. What was the rate of interest per annum? | |||
| Right Option : A | |||
| View Explanation | |||
In how many years will a sum of money double itself at 4% per annum ? | |||
| Right Option : D | |||
| View Explanation | |||
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