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If the interest on money be 1 paisa per rupee per month, what is the rate per cent per annum?
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If the interest on money be 1 paisa per rupee per month, what is the r...
Understanding Interest Calculation
Interest is typically expressed as a percentage of the principal amount over a specific period. In this case, we are dealing with interest of 1 paisa per rupee per month.
Conversion of Paisa to Rupees
- 1 rupee = 100 paisa
- Therefore, 1 paisa = 0.01 rupees
Monthly Interest Calculation
- The monthly interest on 1 rupee is 1 paisa, which can be expressed as:
- Monthly interest = 0.01 rupees
Annual Interest Calculation
- Since there are 12 months in a year, the annual interest on 1 rupee is:
- Annual interest = Monthly interest × 12
- Annual interest = 0.01 rupees × 12 = 0.12 rupees
Determining the Rate of Interest
- To find the annual interest rate as a percentage:
- Rate (%) = (Annual interest / Principal) × 100
- Here, the principal is 1 rupee.
- Rate (%) = (0.12 / 1) × 100 = 12%
Final Rate of Interest
Thus, the rate of interest per annum is 12%.
Summary
- Monthly interest = 1 paisa per rupee
- Annual interest = 0.12 rupees
- Rate of interest = 12% per annum
This calculation illustrates how to convert monthly interest into an annual rate effectively.
Interest is typically expressed as a percentage of the principal amount over a specific period. In this case, we are dealing with interest of 1 paisa per rupee per month.
Conversion of Paisa to Rupees
- 1 rupee = 100 paisa
- Therefore, 1 paisa = 0.01 rupees
Monthly Interest Calculation
- The monthly interest on 1 rupee is 1 paisa, which can be expressed as:
- Monthly interest = 0.01 rupees
Annual Interest Calculation
- Since there are 12 months in a year, the annual interest on 1 rupee is:
- Annual interest = Monthly interest × 12
- Annual interest = 0.01 rupees × 12 = 0.12 rupees
Determining the Rate of Interest
- To find the annual interest rate as a percentage:
- Rate (%) = (Annual interest / Principal) × 100
- Here, the principal is 1 rupee.
- Rate (%) = (0.12 / 1) × 100 = 12%
Final Rate of Interest
Thus, the rate of interest per annum is 12%.
Summary
- Monthly interest = 1 paisa per rupee
- Annual interest = 0.12 rupees
- Rate of interest = 12% per annum
This calculation illustrates how to convert monthly interest into an annual rate effectively.
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If the interest on money be 1 paisa per rupee per month, what is the rate per cent per annum?
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If the interest on money be 1 paisa per rupee per month, what is the rate per cent per annum? for SSC CHSL 2025 is part of SSC CHSL preparation. The Question and answers have been prepared according to the SSC CHSL exam syllabus. Information about If the interest on money be 1 paisa per rupee per month, what is the rate per cent per annum? covers all topics & solutions for SSC CHSL 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If the interest on money be 1 paisa per rupee per month, what is the rate per cent per annum?.
If the interest on money be 1 paisa per rupee per month, what is the rate per cent per annum? for SSC CHSL 2025 is part of SSC CHSL preparation. The Question and answers have been prepared according to the SSC CHSL exam syllabus. Information about If the interest on money be 1 paisa per rupee per month, what is the rate per cent per annum? covers all topics & solutions for SSC CHSL 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If the interest on money be 1 paisa per rupee per month, what is the rate per cent per annum?.
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