2.
Compound interest
·
Principal: Principal is the amount of loan
borrowed.
·
Amount: it is the sum of Principal and Interest.
Compound interest- all formulas-are soon to come in the next
post
So here is a full set of all shortcut formulas of simple
interest:
First understand these shortcut terms
A= amount
P= Principal
SI= Simple Interest
R= rate
T= time
Formulas:
·
A= P+ SI
·
SI= (P*R*T)/100
·
P=100*SI/RT
·
R= 100*SI/PT
·
T= 100*SI/PR
·
A= P{1+(RT/100)}
·
When time is given in months(M), convert it into
year by dividing it with 12
SI= PRM/1200
·
When time is given in days(D), convert it into year by dividing it with 365
SI= PRD/36500
·
A sum of money becomes n times in t years at
simple interest, then rate of interest will be
R= 100(n-1)/T %
