CLAT > Quantitative Techniques for CLAT > Tricks to solve Problems on Simple Interest - 1
Tricks to solve Problems on Simple Interest - 1 Video Lecture - Quantitative Techniques for CLAT
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FAQs on Tricks to solve Problems on Simple Interest - 1 Video Lecture - Quantitative Techniques for CLAT
| 1. How do you calculate simple interest? |  |
Ans. Simple interest can be calculated using the formula: Simple Interest = (Principal amount x Rate x Time) / 100.
| 2. What is the difference between simple interest and compound interest? | |
Ans. Simple interest is calculated only on the principal amount, whereas compound interest is calculated on both the principal amount and the accumulated interest from previous periods.
| 3. Can you provide an example of solving a problem on simple interest? | |
Ans. Sure! Let's say you borrowed $5000 at an annual interest rate of 6% for a period of 3 years. The simple interest can be calculated as follows: Simple Interest = (5000 x 6 x 3) / 100 = $900.
| 4. Is simple interest always calculated annually? | |
Ans. No, simple interest can be calculated for any time period, be it annually, semi-annually, quarterly, or even monthly. The formula remains the same, but the values for time and rate need to be adjusted accordingly.
| 5. How can I use the concept of simple interest in real-life situations? | |
Ans. Simple interest is commonly used in scenarios such as calculating interest on loans, determining returns on investments, or computing interest on savings accounts. It helps in understanding the financial implications of borrowing or investing money.
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