The present of an oil engine is 14580 what was the worth of the engine 3years before if the value depreciates at the rate of 10% every year
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original money paid by the borrower to the money lender in lieu of the money used.
Principal: The money borrowed (or the money lent) is called principal.
Amount: The sum of the principal and the interest is called amount.
Thus, amount = principal +interest.
Rate: It is the interest paid on Rs 100 for a specified period.
Time: It is the time for which the money is borrowed.
Simple Interest: It is the interest calculated on the original money (principal) for any given time and rate.
Formula: Simple Interest = (Principal x Rate x time)/100
Compound interest
Compound interest (abbreviated C.I.) can be easily calculated by the following formula:
A = P where A is the final amount, P is the principal, r is
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