Basic Formulas of Simple Interest
The following are the formulas relevant to Simple interest questions:
S.No | To Calculate | Formulas |
---|---|---|
1 |
Simple Interest for certain number of years |
(P * N * R)/100 |
2 |
Simple Interest for certain number of months |
(P * N * R) /(12*100) |
3 |
Simple Interest for certain number of days |
(P * N * R) /(365*100) |
4 |
Amount |
Principal + Simple Interest |
5 |
Rate of interest (R) (If sum of money becomes (n times) in (T) years at SI) |
$\frac{100\left(n-1\right)}{T}$ |
6 |
Time (If sum of money becomes (n times) at rate of interest (R) % per annum at SI) |
$\frac{100\left(n-1\right)}{R}$ |
Where
P - Principal
N - Number of Years/Months/Days
R - Rate on Interest
T - Time (Days/Months/Years)
Quick Tip: Do you know? You can learn Simple Interest formulas quickly if you first understand the fundamental concepts of Simple Interest.
FAQsFAQs
How do you benefit from learning Simple Interest formulas?
One of the significant benefits of understanding Simple Interest formulas is the capability to quickly and accurately address simple formula-based questions.
How to remember Simple Interest formulas for a longer time?
Following are the techniques you can use to memorise Simple Interest formulas:
For a start, you can start understanding the concepts of the Simple Interest. It will help you find out why a formula is used.
Keep a separate piece of paper and write down each formula on the Simple Interest topic you need to memorise.
Write down and examine each Simple Interest formula, but this time with intervals. Write the equation, then take a 2-minute break to think about it before writing it again.
Your memory is more likely to associate with the formula you want to remember if you use it more often. Solve the problems employing the formula.
Visualise and repeat out loud the formula occasionally. Create Simple Interest formulas flashcards to help with this. You can also use these flashcards while practicing the Simple Interest questions.
The formula should be written down and posted somewhere you will see daily. They'll be subconsciously imprinted into your memory.
How conceptual understanding of Simple Interest topic helps in remembering its formulas?
Conceptual understanding will help you to make sense of the Simple Interest formulas. Conceptual understanding is concentrated on describing why things happen as opposed to how to make them happen. They help you understand the true motive for employing the Simple Interest formulas.