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What is Simple Interest? Video Lecture - Class 8
FAQs on What is Simple Interest? Video Lecture - Class 8
| 1. What is simple interest? |  |
Ans. Simple interest refers to the interest calculated on the principal amount for a specified period of time. It is calculated by multiplying the principal amount, the interest rate, and the time period.
| 2. How is simple interest different from compound interest? | |
Ans. Simple interest is calculated only on the initial principal amount, whereas compound interest is calculated on both the principal amount and any accumulated interest. In simple interest, the interest remains constant throughout the duration, while in compound interest, the interest can change over time.
| 3. How can I calculate the simple interest? | |
Ans. To calculate simple interest, you need to multiply the principal amount, the interest rate, and the time period. The formula for simple interest is: Simple Interest = (Principal Amount) x (Interest Rate) x (Time Period).
| 4. Can you provide an example of simple interest calculation? | |
Ans. Certainly! Let's say you borrow $1000 at an interest rate of 5% per year for a period of 3 years. To calculate the simple interest, you would use the formula: Simple Interest = (1000) x (0.05) x (3) = $150. Therefore, the simple interest on this loan would be $150.
| 5. What are the applications of simple interest in real life? | |
Ans. Simple interest is widely used in various financial transactions, such as loans, investments, and savings accounts. It helps individuals and businesses calculate the interest they owe or earn on their money. Simple interest is also used to determine the interest on credit cards, mortgages, and car loans.
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Oct 25, 2024 Last updated |
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