ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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i=psd
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i=prt
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r=pit
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i=blt
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Detailed explanation-1: -Explanation: 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: -Here’s the simple interest formula: Interest = P x R x T. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal). T = Number of time periods (generally one-year time periods).
Detailed explanation-4: -Here, Rs. 1000 is the Principal (P), 10% is the percentage increase or interest rate (R), 2 is the time period (T). Therefore, the general formula for simple interest (S.I.) is SI = P × R × T/100.