ECONOMICS
COMPOUND INTEREST
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Question
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Find the simple interest and the amount respectively when:Principal = Rs 2650, rate = 8% p.a. and time = 2.5 yrs
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180, 30
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3180, 530
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530, 3180
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20180, 1030
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Explanation:
Detailed explanation-1: -Simple interest is calculated with the following formula: S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years. The rate of interest is in percentage r% and is to be written as r/100.
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