Bank Exams Exam > Bank Exams Videos > Crash Course for Banking Exams > Simple Interest - 1
Simple Interest - 1 Video Lecture | Crash Course for Banking Exams - Bank Exams
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FAQs on Simple Interest - 1 Video Lecture - Crash Course for Banking Exams - Bank Exams
| 1. What is Simple Interest? |  |
Ans. Simple Interest is a method of calculating the interest charged or earned on a principal amount over a certain period of time. It is calculated based on the initial 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, while Compound Interest takes into account the accumulated interest as well. This means that with Compound Interest, the interest for each period is added to the principal amount, resulting in higher overall interest earned or paid.
| 3. How can Simple Interest be calculated? | |
Ans. Simple Interest can be calculated using the formula: Simple Interest = (Principal x Rate x Time) / 100. Here, the Principal is the initial amount of money, Rate is the interest rate per period, and Time is the number of periods the money is borrowed or invested for.
| 4. What is the importance of Simple Interest in financial transactions? | |
Ans. Simple Interest is important in financial transactions as it helps borrowers and lenders understand how much interest will be charged or earned on a loan or investment. It also allows for easy comparison between different financial products to determine the best option.
| 5. How can understanding Simple Interest benefit SSC CGL exam candidates? | |
Ans. Understanding Simple Interest is crucial for SSC CGL exam candidates as questions related to this topic are often included in the Quantitative Aptitude section. Having a good grasp of Simple Interest concepts and calculations can help candidates score well in this section of the exam.
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Dec 23, 2024 Last updated |
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