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Title: SIMPLE INTEREST AND COMPOUND INTEREST
Description: Its all about simple and compound interest.Simple interest is calculated only on the principal amount of a loan. Compound interest is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.
Description: Its all about simple and compound interest.Simple interest is calculated only on the principal amount of a loan. Compound interest is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.
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Simple Interest and Compound Interest
Simple Interest and Compound Interest
# Examples
#1
Find the simple interest, If
1
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1000, R = 20% per annum, T = 4 years
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P = Rs
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3
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200, R = 6% per six months, T = 3 years
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P = Rs
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5
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400, R = 3% per three months, T = 2 months
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P = Rs
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7
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3000, R = 61/4 per annum, T = period from 4th Feb to 18th Apr
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4×20×10 ⇒ 800
2
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BankExamsToday
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6×2×3×2 = 72
4
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4×2=8
6
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BankExamsToday
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37
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P = Rs
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P = Rs
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P = Rs
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65% per annum, T = 150 days, A= ?
4
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540, S
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108 , R = 5%, T = ?
5
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1,120, R = 5%, T = 22/5 yr, S
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S
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I + principal ; A = 6 + 100 ⇒ 106
By Ramandeep Singh
Page 3
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Simple Interest and Compound Interest
2
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I = 10 ; A = S
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S
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T = 5 yr
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BankExamsToday
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120
#3
1
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720 after 2 years and to
Rs
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Find the sum and the rate %
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Adam borrowed some money at the rate of 6% p
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for the first two years, at the
rate of 9% p
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for the next three years, and at the rate of 14% p
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for the period
beyond five years
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11,400 at the end of nine years ,
how much money did he borrow ?(Bank P
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BankExamsToday
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A person borrows Rs
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a
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He immediately
lends it to another person at 61/4% p
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for 2 years
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(S
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C
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A certain sum of money amounts to Rs
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1164 in 31/2
years
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The simple interest on a certain sum of money for 21/2 years at 12% per annum is
Rs
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Find the sum
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Principal = 600, R = 10%
2
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BankExamsToday
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112
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BankExamsToday
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[ 1164-1008 = 156 ] ⇒ 156/3×4 = 208 ; R = 208/2×800×100 ⇒ 13
5
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BankExamsToday
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When interest is not Compound yearly,
Amount after 't' years A = P [1+ r/n×100]nt
n= no of compounding per year
When interest is compounded half yearly, n = 2
compounded quarterly, n = 4
compounded monthly, n = 12
Case 2
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upto 't' times
By Ramandeep Singh
Page 9
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Simple Interest and Compound Interest
But as rate % is not same every year, so
A = P [1+ r1/100]t1 [1+ r2/100]t2
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a
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and R2 = Rate % p
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for t2 years
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a
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( RRB, 2009)
The compound interest on a sum for 2 years is Rs
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800
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The difference between simple interest and compound interest on a sum for 2
years at 8% when the interest is compounded annually is Rs
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The difference in C
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I for 2 years on a sum of money is Rs
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If the S
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2880, the rate of percent is
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BankExamsToday
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2000
Simple Interest and Compound Interest
2
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56
3
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BankExamsToday
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By Ramandeep Singh
Page 12
Title: SIMPLE INTEREST AND COMPOUND INTEREST
Description: Its all about simple and compound interest.Simple interest is calculated only on the principal amount of a loan. Compound interest is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.
Description: Its all about simple and compound interest.Simple interest is calculated only on the principal amount of a loan. Compound interest is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.