Question

(h) Amount=Principal+____
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Answer 1

Answer:

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Amount = principal + interest

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Answer 2

Answer:  Amount = Principal + Interest

Step-by-step explanation:

Principal : The amount of initial amount borrowed is termed as principal.

Rate of interest : Percentage of principal amount to be paid by the borrower to the lender.

Simple interest and compound interest :

Simple interest is based on the principal amount of a loan or deposit whereas compound interest is based on the principal amount and the interest that accumulates on it in every period.

$SI = \frac{P *R*T}{100}$

SI ⇒ Simple interest

P ⇒ Principal amount

R ⇒ Rate of interest

T ⇒ Time period

$CI = P(1 + \frac{R}{100n})^{nt} - P$

CI ⇒ Compound interest

P ⇒ Principal amount

R ⇒ Rate of interest

T ⇒ Time period

n ⇒ number of times interest is applied per year

Final amount to be paid is equal to sum of principal amount and the interest laid. The interest can be simple or compound.

Amount = Principal + Interest

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