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Concepts: Simple Interest Video Lecture | CSAT Preparation - UPSC
FAQs on Concepts: Simple Interest Video Lecture - CSAT Preparation - UPSC
| 1. How is simple interest calculated? |  |
Ans. Simple interest is calculated using the formula: Interest = Principal x Rate x Time. This formula multiplies the principal amount by the interest rate and the time period to determine the total interest amount.
| 2. What is the difference between simple interest and compound interest? | |
Ans. The main difference between simple interest and compound interest is that simple interest is calculated only on the principal amount, while compound interest is calculated on the principal amount and the accumulated interest from previous periods.
| 3. Can simple interest be negative? | |
Ans. No, simple interest cannot be negative. If the interest rate is negative, it would be considered a discount rather than interest. In the context of simple interest, the interest amount is always positive.
| 4. How does the time period affect simple interest? | |
Ans. The longer the time period, the higher the total interest amount will be when calculating simple interest. This is because the interest is calculated based on the length of time the principal amount is borrowed or invested.
| 5. Is simple interest used in real-life financial situations? | |
Ans. Yes, simple interest is commonly used in various financial situations such as personal loans, car loans, and savings accounts. It provides a straightforward method for calculating interest without the compounding effect found in compound interest.
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