#### Explanation / Important formulas:

SIMPLE INTEREST

Principal: The money borrowed or lent out for a certain period is called the principal or the sum.

Interest: Extra money paid for using other’s money is called interest.

Simple Interest(S.I.): If the interest on a sum borrowed for certain period is reckoned uniformly, then it is called simple interest.

Let Principal = P, Rate = R% per annum (p.a.) and Time = T years. Then

• Simple Interest = (P x R x T / 100)
• P = (100 x S.I / R x T); R = (100 x S.l / P x T) and T= (100 x S.I / P x R)

COMPOUND INTEREST

To find compound interest Let Principal = P, Rate = R% per annum, Time = n years.

• When interest is compounded Quarterly:  Amount = P [1+(R/4) /100]4n
• When interest is compounded Half-yearly:  Amount = P [1+(R/2) / 100]2n
• When interest is compound Annually:  Amount = P (1 + R/100) n
• When interest is compounded annually but time is in fraction, say 3(2/5) years:                   Amount = P (1+R/100)3 x (1+ (2/5R) / 100)
• When Rates are different for different years, say R1%, R2%, R3% for 1st, 2ndand 3rd year respectively. Then the amount = P (1+R1/100) (1+R2/100) (1+R3/100)
• Present worth of Rs.x due n years hence is given by:                                                                                         Present worth = [X / (1+ R/100)].

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