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Computing Interest on Capital Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

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FAQs on Computing Interest on Capital Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What is the formula for calculating simple interest on capital?
Ans. The formula for calculating simple interest on capital is: Interest = Principal (capital) * Rate * Time
2. How is compound interest different from simple interest?
Ans. Compound interest is different from simple interest because it includes the interest on the initial principal as well as the interest earned on the accumulated interest over time. Simple interest only calculates interest on the initial principal.
3. Can you provide an example of computing interest on capital using the simple interest formula?
Ans. Sure! Let's say you have invested $10,000 at an annual interest rate of 5% for 2 years. Using the simple interest formula, the interest earned would be calculated as follows: Interest = $10,000 * 0.05 * 2 = $1,000
4. What factors can affect the interest earned on capital?
Ans. Several factors can affect the interest earned on capital, including the principal amount, the interest rate, and the time period of the investment. Higher principal amounts or interest rates, as well as longer time periods, can result in higher interest earned.
5. Is it possible to calculate interest on capital using different time periods, such as months instead of years?
Ans. Yes, it is possible to calculate interest on capital using different time periods, such as months or days, instead of years. However, it is important to ensure that the interest rate is adjusted accordingly. For example, if the interest rate is given as an annual rate, it would need to be divided by 12 for monthly calculations.
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