What is Interest?
When Borrowed some money from other for the personal or commercial purpose we pay some additional money to him after a certain period of time is called Interest. So we can also called this Interest as Simple Interest. This type of problem are given in Quantitative Aptitude which is a very essential paper in banking exam. Under below given some more example for your better practice.
Anything we learn in our school days was basics and that is well enough for passing our school exams. Now the time has come to learn for our competitive exams. For this we need our basics but also we have to learn something new. That’s where shortcut tricks are comes into action .
What is Principle?
The money borrowed for a certain time period called Principle or Sum.
What is Amount?
The Addition of Simple Interest and Principle is called the Amount.
A = S.I + P ( Principle ).
S.I = A ( Amount ) – P ( Principle ).
What is Per annul means?
Per annul means For a year.
P = Principle
R = Rate of per annul
T = Number of years
When we Add Simple Interest into Principle.It becomes into Amount.
Formulas Need to Remember
S.I =( P X R X T / 100 ).
Here, P = Principle.
R = Rate per annul.
T = Number of years.
Formula:
In case S.I ( Simple Interest ), T ( Number of years ) and R (Rate per annul ) are given in Question then we can easily find the Principle or Sum.
P = ( S.I X 100 / R X T ).
Formula:
In case S.I ( Simple Interest ), T ( Number of years ) and P ( Principle ) are given in question then we can easily find the R (Rate per annul ).
R = ( S.I X 100 / P X T ).
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