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# Simple and Compound Interest Questions and Answers

**Simple Interest and Compound Interest Questions**

Simple and Compound Interest Questions and Answers are provided on this page for students to practice and get an idea how this topic is asked in the exam.

Simple Interest
When a person borrows money from someone for a specific period, then the borrower has to pay some extra money called Interest on the money borrowed for that period”.

Compound Interest
Sometimes it also happens that the borrower and the money lender agree to fix up a certain period, say quarterly or half- yearly or yearly, to resolve the former account.

**The formula of Simple Interest:**

- SI on Principal P at R% per annum for T years is denoted as:

Simple Interest =**(P*R*T)/100**

Where, P=Principle, R=Rate(per annum), T=Total time

**The formula for Compound Interest:**

- If Principal= Rs P, Time= t years and Rate= r% p.a., n=number of times the interest got compounded annualy. So the compound interest calculated annually will be:

Amount after t years=**P \left ( 1+\frac{r}{100n} \right )^{nt}** - CI calculated half yearly: Rate= r% per half year and n= 2.

Amount after t years=**P \left ( 1+\frac{r}{100\times 2} \right )^{2t}** - CI calculated Quarterly: Rate= r% per quarter; n= 4.

Amount after t years=**P \left ( 1+\frac{r}{100\times 4} \right )^{4t}**

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- Compound Interest – Questions | Formulas | How to Solve Quickly | Tricks & Shortcuts
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