>
Time management is very much important in IIT JAM. The eduncle test series for IIT JAM Mathematical Statistics helped me a lot in this portion. I am very thankful to the test series I bought from eduncle.
Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
Chashokreddy18@gmail.com posted an Question
April 12, 2020 • 19:50 pm
![]()
30 points
30 points
- CSIR NET
- Mathematical Sciences
Numerical ability
Can you clearly define what is simple interest and compound interest. In this problem ,only Annual payment must be found but compound interest and simple interest are also given . Which formula is used to find simple interest and in the calculation of compound interest T = 8 (as per Question),but value is taken as 2. Can you please explain?
1 Answer(s)
Answer Now
- 0 Likes
- 3 Comments
- 0 Shares
-
![comment-profile-img]()
>
Ujjawal vishal
![best-answer]()
See ,here annual payment means yearly installment...and the formula given is formula for annual installment if rate of interest is simple... and I think 2nd part is not related to this problem.
-
Chashokreddy18@gmail.com Tiwari
Given in Q, T is 8 and P is Rs.848, butbfor calculation of C.I, S.I why we took P as x and T as 2 only?
Do You Want Better RANK in Your Exam?
Start Your Preparations with Eduncle’s FREE Study Material
- Updated Syllabus, Paper Pattern & Full Exam Details
- Sample Theory of Most Important Topic
- Model Test Paper with Detailed Solutions
- Last 5 Years Question Papers & Answers
Sign Up to Download FREE Study Material Worth Rs. 500/-
Chashokreddy18@gmail.com Tiwari
Can you clearly define what is simple interest and compound interest.
simple interest is only paid on principal, while compound interest is paid on the principal plus all of the interest that has previously been earned. Suppose you have ₹100 deposited for 2 years in two banks one gives you 5%simple interest and other 5%compound... So, at the end of 1st year both will give you 5 rupees as interest...so total amount after 1 year is 105 in both cases. but at the end of 2nd year 1st bank will give you interest(simple) again on the original amount i.e. Rs.100 ,so interest again will be 5 and total amount will be 110. but 2nd bank gives you interest (compound) on present amount i.e.₹105..so interest of 2nd year will be 105*5/100=5.25..so amount will be 105+5.25=110.25..