Simple and Compound Interest Formula
Simple and Compound Interest Formula
P - Principal, the sum of money lent or borrowed.
R - Rate of interest: Annual interest, often expressed as a percentage.
T - Time period for which the money is lent or borrowed.
Simple Interest = Principal * Time * Rate of interest / 100
SI = P * T * R
For example, Principal is 4000, Rate of Interest is 8% and Time period is 4 years
SI = 4000× 8% × 4 = 4000× 0.08 × 4
= 1280.
In compound interest, the principal amount with interest after the first time period becomes the part of principal for the next time period.
CI = [P (1 + R/100)^T] – P
Total amount = [P (1 + R/100)^T]
If time period is half-yearly,
Amount = P[1 + (R/2)/100]^2T
If time period is quarterly,
Amount = P[1 + (R/4)/100]^4T
For example, Principal is 7500, Rate of Interest is 4% (compounded annually) and Time period is 2 years
Total Amount = [7500×(1+4/100)^2] = 8112.
CI = (8112 - 7500) = 612.
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Profit and loss is the one of major question section in Competitive exams. These formulas will be helpful for your upcoming Exams like PSC, SSC, IBPS and Other Competitive Exams. .
Cost Price(CP) : The Price at which a particular item purchased, is called its Cost Price.
Selling Price (SP): The price at which a particular item is sold, called its Selling Price.
Profit: If Selling Price of an item is more than Cost Price , then vendor is said to have a Profit.
Loss: if Selling Price of an item is less than Cost Price, the vendor said to have a Loss.
Formulas Profit = SP – CP.
Profit % = Profit/(CP)×100.
SP = ((100+Profit% )/100)×CP.
CP = (100/(100+Profit%))×SP.
Loss = CP – SP.
Loss% = Loss/(CP)×100.
SP = ((100-loss%)/100)×CP.
CP = (100/(100-loss%))×SP.
...
N = the number of terms .
S = the sum of the numbers in the set.
Average = S/N .
For example.
The marks of a student in five subjects are 96, 94, 92, 87, and 81, then what is the average score of the student?.
N = 5.
S = 96 + 94 + 92 + 87 + 81 = 450.
A = 450/5 = 90.
Another type questions .
1). There are 36 boys and 44 girls in a class. The average score of boys is 40 and girls are 35. Then what will be the average mark? .
Total mark of 36 boys = 36 x 40 = 1440.
Total mark of 44 girls = 35 x 44 = 1540.
Total mark of 80 Students = 1440 + 1540 = 2980 .
Average mark of the class = (2980 / 80).
...
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