ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$5040
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$23040
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$504000
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$18000
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Detailed explanation-1: -To calculate simple interest, multiply the principal amount by the interest rate and the time. The formula written out is “Simple Interest = Principal x Interest Rate x Time.” This equation is the simplest way of calculating interest.
Detailed explanation-2: -Detailed Solution = 10000 × ( )2 = 10000 × = 13225. ∴ The answer is Rs. 13225.
Detailed explanation-3: -Detailed Solution The correct answer is 2592. To find simple interest, Apply the formulae P*R*T/100. 7200*12*3/100= 2592. So.
Detailed explanation-4: -Simple Interest Formula Thus, if simple interest is charged at 5% on a $10, 000 loan that is taken out for three years, then the total amount of interest payable by the borrower is calculated as $10, 000 x 0.05 x 3 = $1, 500.