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2 cards from this section. Quick, good the night before a test.
Calculate the Simple Interest for a principal of ₹8,000 at an interest rate of 3% for 1 year.
Use the formula SI = (P × r × t) / 100.
What is the SI for ₹12,000 at an interest rate of 5% over 3 years?
Remember to multiply for the number of years.
What does the 'P' in the Simple Interest formula represent?
Remember, it's the initial sum of money.
True or False: Simple Interest is calculated on the accumulated amount including previous interest.
Think about how interest accrues.
Consider taking a loan of ₹40,000 for 6 years at an interest rate of 7%. How much total interest will you owe at the end of this term?
Break it down into the parts of the formula and substitute the values.
You have ₹8,000 in a savings account that earns 9% Simple Interest. Calculate the total amount in the account after 4 years.
First calculate the interest with the components and then add to the principal.
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