BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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compound interest
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simple interest
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any interest
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balance of your account
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Detailed explanation-1: -Explanation: The simple interest formula is given by I = PRt where I = interest, P = principal, R = rate, and t = time. Here, I = 10, 000 * 0.09 * 5 = $4, 500. The total repayment amount is the interest plus the principal, so $4, 500 + $10, 000 = $14, 500 total repayment.
Detailed explanation-2: -Simple Interest Formula To calculate simple interest, multiply the principal amount by the interest rate and the time. The formula written out is “Simple Interest = Principal x Interest Rate x Time.” This equation is the simplest way of calculating interest.
Detailed explanation-3: -The formula for Simple Interest is PTR100, where. P = Principal. T = Time period in years. R = Rate of interest per annum. A.
Detailed explanation-4: -The formula to calculate compound interest is to add 1 to the interest rate in decimal form, raise this sum to the total number of compound periods, and multiply this solution by the principal amount. The original principal amount is subtracted from the resulting value.
Detailed explanation-5: -Summary. This topic uses two formulas: Interest=Principal×Rate×TimeI=PRTAmount=Principal+InterestA=P+I Principal is your starting amount of money.