Best explanation to understand and solve the simple interest.
Interest means is the cost of borrowing money it’s expressed as an annual percentage of the loan. And money you earn for your savings is called interest.
It has two types one is simple interest, compound interest. Quantity paper is very important in competitive exams.
So, try to read carefully and get a lot of information regarding this topic given below.
Simple Interest Formula
Simple interest is basic knowledge about money borrowing and money paid back.
It means, if we borrow money from someone or else some source like( finance, bank). And we have to pay back the money for a certain period with extra money for the facility to use the money borrowed.
Here, many formulae are available for simple interest.
Because, in current everyone run behind the money, every individual give more importance to the money so, knowing about the money and interest is very essential in the current world. In simply, extra money is paid back its called simple interest.
SI = (P*T*R/100)
P = principal
R = rate per annual
T = number of years
Compound Interest Formula
Compound interest, which means the interest earn each year is added to your principal.
It is additional interest to the principal sum of loan amount like interest on interest.
It has multiple way to calculate, it is the most important way to earn money. The balance doesn’t grow merely, it grows at an increasing rate.
A = P (1 + r/n) (nt)
P = principal amount, r = is the interest rate, n= number of compounding per year
Simple Interest and Compound Interest Tricks
Math is a very important sector in competitive exam. It is very essential to get high marks in exams. It doesn’t mean other subjects are not so important. Math is an easy way to get a high mark.
First develop your time management skill and it will help you to do more and more.
Success doesn’t come from what you do occasionally. It comes from what you do consistently.
Daily you should write ant 20 questions about simple and compound interest and write down the time taken by you to solve those questions.
Practice consistency is key to success, so do more and more example questions. Here we prepare some problems with explanation. Success is nothing more than a few simple practiced every day.
Simple Interest Problems
Some simple interest problems are given below with clear explanation. Check it and do practice as much as possible, keep time management that will help you to do more and it helps you to get high marks.
We give everything in an easy manner, so keep in touch and develop your self day by day. If you have any queries in this article please do comment, because your little help will help so many needy.