UGC NET Exam > UGC NET Videos > Mathematical Reasoning and Aptitude for UGC NET > Concepts: Simple Interest
Concepts: Simple Interest Video Lecture | Mathematical Reasoning and Aptitude for UGC NET
FAQs on Concepts: Simple Interest Video Lecture - Mathematical Reasoning and Aptitude for UGC NET
| 1. What is the formula for calculating simple interest? |  |
Ans. The formula for calculating simple interest (SI) is given by:
\[ SI = \frac{P \times R \times T}{100} \]
where \( P \) is the principal amount, \( R \) is the rate of interest per annum, and \( T \) is the time in years.
| 2. How do you find the total amount after a certain period when simple interest is applied? | |
Ans. To find the total amount (A) after a certain period when simple interest is applied, you can use the formula:
\[ A = P + SI \]
Substituting the formula for SI, it becomes:
\[ A = P + \frac{P \times R \times T}{100} \]
This simplifies to:
\[ A = P \left(1 + \frac{R \times T}{100}\right) \]
| 3. If a principal amount of $1000 is invested at a rate of 5% for 3 years, what will be the simple interest earned? | |
Ans. Using the simple interest formula:
\[ SI = \frac{P \times R \times T}{100} \]
Substituting the values:
\[ SI = \frac{1000 \times 5 \times 3}{100} = \frac{15000}{100} = 150 \]
Therefore, the simple interest earned is $150.
| 4. Can simple interest be calculated for time periods less than one year? | |
Ans. Yes, simple interest can be calculated for time periods less than one year. In such cases, the time (T) should be expressed in years. For example, if the time is 6 months, it can be converted to years as 0.5 years, and then the simple interest can be calculated using the same formula.
| 5. What are some common applications of simple interest in real life? | |
Ans. Simple interest is commonly used in various financial transactions, including:
1. Personal loans where the interest is calculated based on the principal for a short duration.
2. Savings accounts that may offer simple interest on deposits.
3. Short-term investments where the interest is computed without compounding.
4. Car loans or educational loans that may utilize simple interest for the repayment period.
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