welcome everyone to this class,stay tight and enjoy.
TOPIC:SIMPLE INTEREST
firstly,what is interest?,interest is a payment given for saving money.when interest is calculated on basic sum of money saved or borrowed its called simple interest represented by (I).
secondly,principal is the sum of money borrowed or saved.represented by (P). RATE of an interest (given as a percentage)its the time in which the money is saved or borrowed.
lets take some questions
(1) find the simple interest on 12000 for 15/2 years at 6% per annum.
SOLUTION
using the formula I=PRT/100
= 12000×6×15/100×2
=5400
The simple interest is 5400.to find amount:(P+I),I.e 5400+12000=17400
(2) if 300 yield 400 simple interest for 4yrs.find the rate?
solution:
here the P is 300
simple interest is 400
time is 4yrs
rate?
using I=PRT/100
400=300×R×4/100
CROSS MULTIPLY
400×100=300×R×4
40,000=1200R
DIVIDE BOTH SIDE BY COEFFICIENT OF R WHICH IS 1200
40,000/1200=33.3
therefore r is 33.3
Good bye dears,remember to subscribe for more!!!!!!!!