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Simple Interest is the rate at which we lend or borrow money.
In the following section, we will define the important terms and formulae that will help us solve and understand the questions on the simple interest.
Simple interest for (4-2.5) years = 16500 – 15000 Therefore, SI for 1.5 years = Rs. SI for 2.5 years = 1500/1.5 * 2.5 = 2500 Principal amount = 15000 – 2500 = Rs. Rate of Interest = 2500 * 100 / 12500 * 2.5 → R = 8%.
: Amount becomes 15000 in 2.5 years and 16500 in 4 years. Interest: Interest is the extra money that the borrower pays for using the lender’s money. Let the rate at which the interest is levied is equal to R% per annum (per year). 68000, R = 50/3% per annum and T = 9/12 years = 3/4 years. However, we do count the day on which we withdraw the money. for the next three years, and at the rate of 14% per annum for the period beyond five years. 11400 at the end of nine years, how much money did he borrow? let the time for which the amount is lent = T years. Note that the time has been converted into years as the rate is per annum. Example 3: Khan borrows some money at the rate of 6% p.a. Before starting the formula for the simple interest, let us first state some terms that we will use in the formula. In some cases the days of the start and the days when we calculate the interest are present. Then the total simple interest that Khan pays is the sum of the interests. Principal: The money borrowed or lent out for a certain period is called the principal or the sum. We don’t count the day on which we deposit the money. We can write from the formula of the simple interest, [x×6×2]/100 [x×9×3]/100 [x×14×4]/100 = Rs. 7000 Answer: Let x, y and z be the amounts that Khan invests in schemes A, B and C respectively. Also, we have the conditions that 10x 12y 15z = Rs. Combining the above equations, we have: 16y 12y 36y = Rs. 360 days/year have 30 days/month and 90 days/quarter.Use this simple interest calculator to find A, the Final Investment Value, using the simple interest formula: A = P(1 rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.Interest: This is the extra money paid for taking the money as loan. Simple Interest = Principal * Time * Rate of interest / 100 Abbreviated as SI = PTR/100 In compound interest, the principal amount with interest after the first unit of time becomes the principal for the next unit. 27250 at the end of 3 years when calculated at simple interest. : Simple interest = 27250 – 25000 = 2250 Time = 3 years. 10 and at the end of the year, the amount to be paid is Rs. Time: This is the time period for which the money is lent or the time period in which the money has to be returned with interest.