Question

Write a program to accept Principal amount, Time (in years) from the user. If Principal is greater than 20,000 then the rate of interest would be 12% otherwise Rate of interest would be 9%. Calculate and print simple interest. Simple Interest=(Principal x Time x Rate of Interest)/100

Answer 1

Answer:

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Explanation:

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Answer 2

Explanation:

Explanation

Simple Interest is the convenient method used in banking and economic sectors to calculate the interest charges on loans.It gets estimated day to day with the help of some mathematical terms.

Formula

Simple Interest = (P × R × T)/100

where P = Principal Amount, R = Rate per Annum, T = Time (years)

Algorithm

Define Principal, Interest and Time of loans.

Apply in the formula.

Print the Simple Interest.

Complexity

O(1)

Solution

Python

P= 5000 #Principal Amount

R=15 #Rate

T=1 #Time

SI = (P*R*T)/100; # Simple Interest calculation

print("Simple Interest is :");

print(SI); #prints Simple Interest