SEP15 – Interest Calculation

    Topic Progress:

    Today, We are going to take a test on Problems based on Interest Calulation

    Before you take the test read these posts to be comfortable.

    Shortcuts and Tips for Interest Calulation

    Important Formulae

    Simple interest
    Simple Interest = Principal x Interest Rate x Term of the loan(Time of Loan)
    SI = P x i x n/100 when interest rate is taken in percent.
    Compound Interest
    CI = P [(1 + i) n – 1]
    where P = Principal, i = annual interest rate in percentage terms, and n = number
    of compounding periods.