Find the principal when the SI is: Rs 62.40 at 8 percent p.a.for the period 15th january to 22nd August,2001.
Answers
Answer:
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Answer:
Interest: Interest is the amount paid in lieu of using some money which is not owned by us.
The amount of money deposited, lent or borrowed is called principal (P).
The additional money given at the end of a period for using the principal is called interest.
The total money we receive or pay is called the amount due at that time. Thus the sum of principal and interest is called amount.
i.e. amount = principal + interest
The time for which the money is kept in the bank or for which the loan has been borrowed is called the time period.