ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Principal = $ 3000, Interest = $ 400, Time = 3 years. Therefore, Rate = 4.44 %.

Detailed explanation-2: -Your principal is the amount that you borrow from a lender. The interest is the cost of borrowing that money.

Detailed explanation-3: -SI = Simple Interest. P = Principal amount (invested or borrowed) R = Rate of interest. T = Time period (investment or loan repayment)

Detailed explanation-4: -Calculate Total Amount Accrued (Principal + Interest), solve for A. A = P(1 + rt) Calculate Principal Amount, solve for P. P = A / (1 + rt) Calculate rate of interest in decimal, solve for r. r = (1/t)(A/P-1) Calculate rate of interest in percent. Calculate time, solve for t.