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
A lends a sum of money for 10 years at 5% simple interest, B lends double that amount for 5 years at the same rate of interest. Which of the following statement is true in this regard? | |||
| Right Option : C | |||
| View Explanation | |||
A sum of Rs 8000 is borrowed for 4 years at 12% per annum simple interest. How much money is to be returned at the end of 4 years. | |||
| Right Option : A | |||
| View Explanation | |||
How much should money lender lend at simple rate of interest of 15% in order to have Rs.3234 at the end of | |||
| Right Option : D | |||
| View Explanation | |||
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10thIn terms of methodology I want to say that institute provides expert guidence and results oriented monitering supplements by requsite study material along with regular tests which help the students to improve their education skills.The techniques of providing education helps the students to asses...
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