Application: 14. By depositing 700 in the bank for a certain period of time at the fixed rate
of simple interest per annum, I got 900 as principal along with interest. Let us write, by
calculating, the amount to be deposited for which I would get 1350 for the same time and at
the same rate
Answers
Step-by-step explanation:
Interest formulas mainly refer to the formulas of simple and compound interests. The simple interest (SI) is a type of interest that is applied to the amount borrowed or invested for the entire duration of the loan, without taking any other factors into account, such as past interest (paid or charged) or any other financial considerations. Simple interest is generally applied to short-term loans, usually one year or less, that are administered by financial companies. The same applies to money invested for a similarly short period of time. The simple interest rate is a ratio and is typically expressed as a percentage.
On the other hand, the compound interest is the interest which is calculated on the principal and the interest that is accumulated over the previous tenure. Thus, the compound interest (CI) is also called as “interest on interest”. It plays an important role in determining the amount of interest on a loan or investment. The formulas for both the compound and simple interest is given below.
Interest Formulas for SI and CI
The Interest formulas are given as,
Formulas for Interests (Simple and Compound)
SI Formula S.I. = Principal × Rate × Time
CI Formula C.I. = Principal (1 + Rate)Time − Principal
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