ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$121, 600
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$57, 600
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$5, 760
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$98
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Detailed explanation-1: -How do I Calculate Simple Interest Monthly? To calculate simple interest monthly, we have to divide the yearly interest calculated by 12. So, the formula for calculating monthly simple interest becomes (P × R × T) / (100 × 12).
Detailed explanation-2: -For example, the interest on a $30, 000, 36-month loan at 6% is $2, 856. The same loan ($30, 000 at 6%) paid back over 72 months would cost $5, 797 in interest.
Detailed explanation-3: -Hence, the Simple Interest as per the given information is Rs. 768.
Detailed explanation-4: -Given: SI = 100. r = 10% t = 6 month = 6/12 year. Concept used: SI = Prt/100. P → princiapl r → rate of interest. Calculation: 100 = (P × 10 × 6)/(12 × 100) P = (100 × 100 × 12)/(10 × 6) P = 2000. Download Soln PDF. Share on Whatsapp.