Question

find the S.I.of 350 for 13/2years at the rate of 10 p per rupees half yearly​

Answer 1

Answer:

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Step-by-step explanation:

Answer 2

Answer:It is an easy and quick method of calculating an interest charge on a loan. Simple interest (S.I.) is determined by multiplying the principal (P) with rate of interest (R) and time period (T).

S.I.= \dfrac{P \times R \times T}{100}

Example: Henry borrowed Rs. 5000 for 4 years at an interest rate of 5% from a bank. How much of interest is that?

We know,

S.I.=\dfrac{P \times R \times T}{100}

Here P= Rs. 5000, R= 5%, T= 4 years

So, I=\dfrac{5000 \times 5 \times 4}{100}=Rs. 1000

Ans: Henry has to pay Rs. 1000 as interest.

Clearly, in S.I. the principal remains constant throughout. But the above method is not generally used in day to day financial system like banks, insurance companies, post offices. They use a different method of computing interest. In this method the lender and the borrower agree to fix up a certain time interval, say a year or half a year or a quarter of a year for the computation of the interest and the amount. At the end of the first interval, the interest is computed and is added to the original principal. The amount obtained is added to the second interval of time. The amount of this principal at the end of the second interval of time is taken as the principal of the third interval of time and so on. At the end of the certain specified period, the difference between the amount and money borrowed, that is, the original principal is computed and it is called the compound interest. Let us simplify it.

Compound Interest (CI)

If the borrower and lender agree to fix up a certain interval of time, so that the amount (Principal + Interest) at the end of the interval becomes the principal of the next interval, then the total interest over all the interests, calculated in this way is called the Compound Interest or C.I..

Evidently, C.I. at the end of a certain specified period is equal to the difference between the amount at the end of the period and the original principal.

C.I. = Amount – Principal

Conversion Period: The fixed interval of time at the end of which the interest is calculated and added to the principal at the beginning of the interval is called the conversion period. In other words, the period at the end of which the interest is compounded is called the conversion period. For instance, when the interest is calculated and added to the principal every six months, the conversion period is six months. Likewise, the conversion period is three months when the interest is calculated and added quarterly.

NOTE: If no conversion period is specified, the conversion period is taken to be one year.

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