total amount Archives

Aug28 0

Simple and Compound Interest real Life examples Simple Interest in Real Life 1. Saving Money in a Bank: Scenario: We deposit $1,000 in a savings account at a bank. The bank offers a 5% annual simple interest rate. Calculation: Principal (P): $1,000 Rate (R): 5% per year Time (T): 3 years Simple Interest (SI) Formula: […]

Aug27 0

What is Simple and Compound Interest Simple Interest Definition: Simple interest is the interest calculated on the original principal amount for a specific period at a fixed rate of interest. Formula: Simple Interest (SI) = (P × R × T)/100 Where: P = Principal amount (the initial amount of money) R = Rate of interest per annum […]

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Simple and Compound Interest Real Life Examples

What is Simple and Compound Interest Definition, Formula and Examples