ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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: -Summary. This topic uses two formulas: Interest=Principal×Rate×TimeI=PRTAmount=Principal+InterestA=P+I Principal is your starting amount of money.

Detailed explanation-3: -Answer : step 1: Let Principle P and Rate of interest be R %. So Required interest of 5 years is S.I = PRT / 100 = P x R x 5 / 100 = 5PR / 100. Required interest of 7 years is S.I = PRT / 100 = P x R x 7 / 100 = 7PR / 100.

Detailed explanation-4: -Using the interest rate formula, we get the interest rate, which is the percentage of the principal amount, charged by the lender or bank to the borrower for the use of its assets or money for a specific time period. The interest rate formula is Interest Rate = (Simple Interest × 100)/(Principal × Time).

Detailed explanation-5: -Calculate Interest, solve for I. I = Prt. Calculate Principal Amount, solve for P. P = I / rt. Calculate rate of interest in decimal, solve for r. r = I / Pt. Calculate rate of interest in percent. R = r * 100. Calculate time, solve for t. t = I / Pr.