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
In how many years will a sum of money double itself at 20% simple interest per annum? | |||
| Right Option : A | |||
| View Explanation | |||
Mr.Mittal finds that an increase in the rate of interest from | |||
| Right Option : A | |||
| View Explanation | |||
If a sum of Rs. 2500 was paid as an interest on a principal of Rs. 17, 500, calculate the amount paid back. | |||
| Right Option : B | |||
| View Explanation | |||
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Shivam Rana
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Hiya Gupta
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Barkha Arora
10thAbhyas institute is one of the best coaching institute in the vicinity of Ambala Cantt area. The teachers of the institute are well experienced and very helpful in solving the problems of the students.The good thing of the institute is that it is providing extra classes for the students who are w...
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10thOne of the best institutes to develope a child interest in studies.Provides SST and English knowledge also unlike other institutes. Teachers are co operative and friendly online tests andPPT develope practical knowledge also.
