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Simple Interest vs Compound Interest Video Lecture - Class 8
FAQs on Simple Interest vs Compound Interest Video Lecture - Class 8
| 1. What is the difference between simple interest and compound interest? |  |
Ans. Simple interest is calculated only on the principal amount, while compound interest is calculated on the principal amount as well as the accumulated interest from previous periods.
| 2. How is simple interest calculated? | |
Ans. Simple interest is calculated by multiplying the principal amount, the interest rate, and the time period in years. The formula for simple interest is: Interest = (Principal x Rate x Time) / 100.
| 3. How is compound interest calculated? | |
Ans. Compound interest is calculated using the formula: A = P(1 + r/n)^(nt), where A is the final amount, P is the principal amount, r is the interest rate, n is the number of times interest is compounded per year, and t is the time period in years.
| 4. Which type of interest yields higher returns: simple interest or compound interest? | |
Ans. Compound interest yields higher returns compared to simple interest. This is because compound interest takes into account the accumulated interest from previous periods, resulting in a higher overall interest amount.
| 5. In what situations is simple interest more commonly used than compound interest? | |
Ans. Simple interest is more commonly used when dealing with short-term loans, such as payday loans or short-term personal loans. It is also used in scenarios where interest is not compounded, such as certain savings accounts or fixed deposit schemes.
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Jan 09, 2025
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