When simple interest is used, the accumulated amount is a linear function of time.
True
False
True. Interest = P* R * T/100, so interest depends directly on time
When interest is compounded annually, the amount of money accumulated in one year is the same under either a simple or compound interest scenario.
If the interest charged for 18 months is 0.15 times the money borrowed under simple interest, then the rate of interest per year is 12%. State with true or false.
State whether the given statement is true or false. The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. The rate of interest per annum is 8%.