Quants Simple and Compound Interest

simple and compound intrest
  1. Principal:

The money borrowed or lent out for a certain period is called the principal or the sum.

  1. Interest:

Extra money paid for using other’s money is called interest.

  1. Simple Interest (S.I.):

If the interest on a sum borrowed for certain period is reckoned uniformly, then it is called simple interest.

Let Principal = P, Rate = R% per annum (p.a.) and Time = T years. Then

(i). Simple Intereest = P x R x T
100

 

(ii). P = 100 x S.I. ; R = 100 x S.I. and T = 100 x S.I. .
R x T P x T P x R

 

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