Shortcuts and tricks for solving Simple Interest problems:
Hi friends, here i am sharing the best shortcuts and tricks for solving Simple Interest problems. As time plays crucial role in the competitive examinations, it is better to find a better way for solving the problems in a less time. Here i am sharing some shortcut formulas which would help you to solve Simple Interest problems in less time.
Pricipal : The money borrowed by the borrower from the lender. Principal remains the same throught the loan period.
Rate of interest : Rate at which the principal is charged.
Time : The period for which the money is borrowed.
Interest : The extra money paid by the borrower to the lender for the use of money.
Amount : The money returned by the borrower at the end of the certain period.
Amount = Principal + Interest.
Interest = Amount – Principal.
shortcuts and tricks for solving Simple Interest problems:
1. Simple Interest: