SSC CGL Exam > SSC CGL Videos > Crash Course for SSC CGL (English) > Simple Interest - 2
Simple Interest - 2 Video Lecture | Crash Course for SSC CGL (English)
FAQs on Simple Interest - 2 Video Lecture - Crash Course for SSC CGL (English)
| 1. What is simple interest and how is it calculated? |  |
Ans. Simple interest is the amount of money charged or earned for a certain period of time on a principal amount. It is calculated using the formula: Simple Interest = (Principal x Rate x Time) / 100.
| 2. Is simple interest the same as compound interest? | |
Ans. No, simple interest and compound interest are different. Simple interest is calculated only on the principal amount, while compound interest is calculated on both the principal and the interest earned. Compound interest usually results in higher returns over time compared to simple interest.
| 3. Can you provide an example of calculating simple interest? | |
Ans. Sure! Let's say you lend someone $5000 at an interest rate of 6% per annum for a period of 3 years. To calculate the simple interest, you can use the formula: (Principal x Rate x Time) / 100.
So, the simple interest would be: (5000 x 6 x 3) / 100 = $900.
| 4. How is simple interest different from annual percentage rate (APR)? | |
Ans. Simple interest is the actual interest charged or earned on a principal amount for a specific period of time. On the other hand, annual percentage rate (APR) includes not only the interest but also any additional fees or charges associated with the loan or investment. APR represents the total cost or return on the principal amount.
| 5. Can simple interest be negative? | |
Ans. No, simple interest cannot be negative. It is always a positive value, representing the amount of interest earned or charged. If the interest rate is negative, it would mean that the principal amount is decreasing over time, resulting in a decrease in the overall value of the investment or loan.
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