ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Calculate the simple interest. Principal = $1000, Rate = 6%, Time = 2 years
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$100
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$120
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$180
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1200
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Explanation:
Detailed explanation-1: -Hence, the Simple Interest as per the given information is Rs. 768.
Detailed explanation-2: -The simple interest of a loan for $1, 000 with 5 percent interest after 3 years is $ 150.
Detailed explanation-3: -1 Year. S.I = (1000 ×5 × 1)/100 = 50. 2 Year. S.I = (1000 × 5 × 2)/100 = 100. 3 Year. S.I = (1000 ×5 × 3)/100 = 150. 10 Year. S.I = (1000 × 5 × 10)/100 = 500. 1 Year. S.I = (1000 ×5 × 1)/100 = 50. 2 Year. S.I = (1000 ×5 × 2)/100 = 100. 3 Year. S.I = (1000 × 5 × 3)/100 = 150. 10 Year.
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