How To Solve Simple Interest Problems

How To Solve Simple Interest Problems-89
In 4 years his brother paid him back the ,000 plus 0 in interest. Solution We are asked to find the rate of interest, r. This might happen, for instance, in making a car purchase when the dealer adds the cost of a warranty to the price of the car. In the next example, we will solve a simple interest application for the principal. In such problems, the following data is specified Download this article as pdf To solve this kind of problem, we should know the basics of simple interest.

In 4 years his brother paid him back the ,000 plus 0 in interest. Solution We are asked to find the rate of interest, r. This might happen, for instance, in making a car purchase when the dealer adds the cost of a warranty to the price of the car. In the next example, we will solve a simple interest application for the principal. In such problems, the following data is specified Download this article as pdf To solve this kind of problem, we should know the basics of simple interest.

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The formula we use to calculate simple interest is I = Prt.

To use the simple interest formula we substitute in the values for variables that are given, and then solve for the unknown variable.

You can easily solve all kind of Aptitude questions based on Simple Interest by practicing the objective type exercises given below, also get shortcut methods to solve Aptitude Simple Interest problems.

Imagine the kind of simple interest problems where different interest rates are given for different time periods.

The interest is computed as a certain percent of the principal; called the rate of interest, r.

The rate of interest is usually expressed as a percent per year, and is calculated by using the decimal equivalent of the percent.

In this section you can learn and practice Aptitude Questions based on "Simple Interest" and improve your skills in order to face the interview, competitive examination and various entrance test (CAT, GATE, GRE, MAT, Bank Exam, Railway Exam etc.) with full confidence.

India BIX provides you lots of fully solved Aptitude (Simple Interest) questions and answers with Explanation.

It makes a deposit or loan grow faster as compared to simple interest.

The interest at which compound interest accumulates depends on the frequency of compounding; more the number of compounding periods, the greater the compound interest.

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