Interest — Flashcards
ICSE · Class 8 · Mathematics
24 flashcards for Interest (ICSE Class 8 Mathematics) to test yourself on key terms and facts. Sample: "Solve: Find the simple interest on ₹1,300"
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Solve: Find the simple interest on ₹1,300 from December 23, 2002 to May 18, 2003 at 7.5% per annum.
Answer
Step 1: Use I = (P × R × T) / 100. Step 2: P = ₹1,300, R = 7.5, T = 146 days = 146/365 years = 2/5 years. Step 3: I = (1300 × 7.5 × 2/5) / 100. Step 4: I = ₹39. Answer: Simple interest = ₹39.
Why is the day money is borrowed not counted in time, but the repayment day is counted?
Answer
Time is counted from the day after borrowing to the repayment day. This means the borrowing day is excluded, but the repayment day is included. Example: From December 23 to May 18, December 23 is not …
Formula for simple interest and amount.
Answer
Simple interest formula: I = (P × R × T) / 100 Amount formula: A = P + I Expanded amount formula: A = P + (P × R × T) / 100 Here, P = Principal, R = Rate, T = Time, I = Interest, A = Amount. Quick exa…
Find the principal if the simple interest is ₹7,008 in 6 years 3 months at 5% per year.
Answer
Step 1: Use P = (I × 100) / (R × T). Step 2: T = 6 years 3 months = 6.25 years. Step 3: P = (7008 × 100) / (5 × 6.25). Step 4: P = 700800 / 31.25 = ₹22,425.6. Answer: Principal = ₹22,425.60.
Find the rate if ₹630 produces simple interest of ₹126 in 4 years.
Answer
Step 1: Use R = (I × 100) / (P × T). Step 2: Substitute I = ₹126, P = ₹630, T = 4 years. Step 3: R = (126 × 100) / (630 × 4). Step 4: R = 12600 / 2520 = 5. Answer: Rate = 5% per year.
Find the time if ₹950 produces ₹399 as simple interest at 7% per year.
Answer
Step 1: Use T = (I × 100) / (P × R). Step 2: Substitute I = ₹399, P = ₹950, R = 7. Step 3: T = (399 × 100) / (950 × 7). Step 4: T = 39900 / 6650 = 6 years. Answer: Time = 6 years.
A sum of money put at simple interest doubles itself in 8 years. What is the rate?
Answer
Step 1: If a sum doubles, interest earned = principal. Step 2: So I = P and T = 8 years. Step 3: Use R = (I × 100) / (P × T). Step 4: R = (P × 100) / (P × 8) = 100/8 = 12.5. Answer: Rate = 12.5% per y…
A sum triples itself in 20 years at simple interest. Find the rate.
Answer
Step 1: If a sum triples, total amount = 3P. Step 2: So interest earned = 3P - P = 2P. Step 3: Use R = (I × 100) / (P × T). Step 4: R = (2P × 100) / (P × 20) = 200/20 = 10. Answer: Rate = 10% per year…
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