How To Solve Simple Interest Problems

So we find the difference in the number of years and the amounts.

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Example 6.36: Nathaly deposited ,500 in her bank account where it will earn 4% interest. Example 6.37: Loren lent his brother ,000 to help him buy a car. , t = 4 years There may be times when you take a loan for a large purchase and the amount of the principal is not clear. , r = 7.5%, t = 5 years Example 6.39: Caroline got 0 as graduation gifts and invested it in a 10-month certificate of deposit that earned 2.1% interest. 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.Solved examples with detailed answer description, explanation are given and it would be easy to understand.All students, freshers can download Aptitude Simple Interest quiz questions with answers as PDF files and e Books.To solve these applications, we continue to use the same strategy for applications that we have used earlier in this chapter. , P = ,500, r = 4%, t = 5 years There may be times when you know the amount of interest earned on a given principal over a certain length of time, but you don't know the rate. , P = 0, r = 2.1%, t = 10 months (a) After completing the exercises, use this checklist to evaluate your mastery of the objectives of this section.The only difference is that in place of translating to get an equation, we can use the simple interest formula. For instance, this might happen when family members lend or borrow money among themselves instead of dealing with a bank. (b) On a scale of 1–10, how would you rate your mastery of this section in light of your responses on the checklist? The table given below lists the values of an initial investment, P = Re.1 for certain time periods and rates of interest, calculated at both, simple and compound interest.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.

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