UPSC > CSAT Preparation > Tricks for solving Interest Questions
Tricks for solving Interest Questions Video Lecture - CSAT Preparation - UPSC
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FAQs on Tricks for solving Interest Questions Video Lecture - CSAT Preparation - UPSC
| 1. What is the formula to calculate simple interest? |  |
Ans. The formula to calculate simple interest is:
Simple Interest = Principal x Rate x Time
| 2. How is compound interest different from simple interest? | |
Ans. Compound interest is different from simple interest because it is calculated on both the principal amount and the accumulated interest. In simple interest, only the principal amount is considered for the calculation.
| 3. How can I calculate the compound interest for a given amount? | |
Ans. To calculate compound interest, you can use the following formula:
Compound Interest = P(1 + r/n)^(nt) - P
Where P is the principal amount, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
| 4. What is the difference between annual rate and effective annual rate? | |
Ans. The annual rate is the stated interest rate for a year, while the effective annual rate (EAR) takes into account the compounding of interest throughout the year. The EAR is the actual rate of interest earned or paid, considering the effects of compounding.
| 5. How can I calculate the total amount after compound interest is applied? | |
Ans. To calculate the total amount after compound interest is applied, you can use the formula:
Total Amount = Principal x (1 + r/n)^(nt)
This formula considers the principal amount, annual interest rate, compounding frequency, and time.
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