Simple Interest

Ankur Kulhari

Interest: It is the extra money paid by the borrower to the owner (lender) as a form of compensation for the use of the money borrowed. Simple Interest (SI): SI = PRT/100 P=(100*SI)/RT R=(100*SI)/PT T=(100*SI)/PR Where, P= Principle or sum (It is the money borrowed or lent out for a time period T) R=Rate at which interest is charged on …

Compound Interest

Ankur Kulhari

Interest (I): It is the extra money paid by the borrower to the owner (lender) as a form of compensation for the use of the money borrowed Compound Interest (CI) CI = P(1+R/100)T – P A = P(1+R/100)T   Where, P= Principle or sum {It is the money borrowed or lent out for a time period T} R=Rate at which …