Question

Can you give an example about simple interest

Answer 1

Answer:

Simple interest formula is one of the methods of calculating the interest on a certain amount. ... When you borrow money from a bank, there is an extra amount to be along with the amount you borrowed. That extra money that you pay is called interest.

Step-by-step explanation:

Simple Interest

Simple Interest2 Year S.I = (1000 × 5 × 2)/100 = 100

Simple Interest2 Year S.I = (1000 × 5 × 2)/100 = 1003 Year S.I = (1000 ×5 × 3)/100 = 150

Simple Interest2 Year S.I = (1000 × 5 × 2)/100 = 1003 Year S.I = (1000 ×5 × 3)/100 = 15010 Year S.I = (1000 × 5 × 10)/100 = 500

Answer 2

Answer:

Example :=⤵️⤵️

Question: Calculate the Simple Interest if the principal amount is Rs. 2000, the time period is 1 year and the rate is 10%. Also, calculate the total amount at the end of 1 year.

Solution: According to the formula of simple interest we have,

S.I. = [(Principal (P) × Time (T) × Rate (r)) / 100]

So, from the above values,

S.I. = [(2000 × 1 × 10)] / 100

= 20000/100

=200

So, the simple interest at the end of 1 year will be Rs. 200.

For the amount after 1 year,

A = P + S.I.

So, A = 2000+200 = 2200

Hence, the total amount at the end of the given tenure (i.e. 1 year) will be Rs. 2200.

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