The interest given by the formula ( P * R * T ) / 100 is called ___ interest.

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Solution

Simple

This is the formula for Simple interest.

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Question 64

In questions 60 to 79, state whether the statements are True or False.
The simple interest on a sum of Rs. P for T yr at R % per annum is given by the formula
Simple Interest $= \frac{T \times P \times R}{100}$

Q. The mathematical formula for calculating simple interest is

S I = P \times R \times T

where as.

R

= Percentage Rate of interest.

Is the formula. " P*R*T/100" used to calculate interest for savings account?

Question 58

The compound interest on a sum of Rs P for T years at R% per annum compounded annually is given by the formula P $(1 + \frac{R}{100})$

Interest is calculated using the below formula (T/F)
I= $\frac{P \times n (n + 1)}{12} \times \frac{r}{100}$
Where P is sum deposited
n is number of month
r is rate of interest per year.

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The interest given by the formula ( P * R * T ) / 100 is called ___ interest.

Simple This is the formula for Simple interest.

Simple

This is the formula for Simple interest.