SIMPLE INTEREST
INTEREST : The amount paid by the borrower for using the money of the lender.
It is denoted by 'I'.
Interest are two types.
(1). SIMPLE INTEREST
(2). COMPOUND INTEREST.
PRINCIPLE : The amount given by the lender to the borrower. It is denoted by 'I'.
S.I = (P*T*R)/100
P- Principal amount
T- Time period
R- Rate of Interest
Ex: P=1000
T=2yrs
R=10%
S.I =(PTR)/100
=(1000*2*10)/100
=200
We can calculate the amount by adding the S.I to Principal amount.
Therefore formula for Amount= S.I + Principal
From the above example:
amount= 200 + 1000
Total amount = 1200.
If the rate of interest is calculated half yearly then the formula is
Here T=2T , because time is calculated for every six months so time will be double in a year.
S.I = (2*P*T*R)/100
For the above example if Time calculated half yearly then the Interest will be
S.I = (2 * 1000 * 2 * 10 )/ 100
S. I= 400
So the amount will be 400+1000=1400
It is denoted by 'I'.
Interest are two types.
(1). SIMPLE INTEREST
(2). COMPOUND INTEREST.
PRINCIPLE : The amount given by the lender to the borrower. It is denoted by 'I'.
S.I = (P*T*R)/100
P- Principal amount
T- Time period
R- Rate of Interest
Ex: P=1000
T=2yrs
R=10%
S.I =(PTR)/100
=(1000*2*10)/100
=200
We can calculate the amount by adding the S.I to Principal amount.
Therefore formula for Amount= S.I + Principal
From the above example:
amount= 200 + 1000
Total amount = 1200.
If the rate of interest is calculated half yearly then the formula is
Here T=2T , because time is calculated for every six months so time will be double in a year.
S.I = (2*P*T*R)/100
For the above example if Time calculated half yearly then the Interest will be
S.I = (2 * 1000 * 2 * 10 )/ 100
S. I= 400
So the amount will be 400+1000=1400
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ReplyDeleteYour good knowledge and kindness in playing with all the pieces were very useful. I don’t know what I would have done if I had not encountered such a step like this.
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