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Simple Interest and Compound Interest Formula PDF For Bank Exams

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Simple Interest and Compound Interest Formula For Bank Exams: 

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Simple Interest Formula: 

The simple interest is the interest calculated on the amount initially invested or loaned. It is a method for calculating the interest earned or paid on a certain balance in a specific period.

Simple Interest (SI) =  PXRXT / 100

where, P = Principal

R = Rate of Interest

T = Time

Compound Interest Formula

Compound interest is the addition of interest to the principal sum of a loan or deposit. Compound interest is calculated based on the principal, interest rate, and the time period involved.

Compound Interest CI = {P*[1+ (r/100)]ⁿ -1}

Where, P = Principal

R = Rate of Interest

T = Time

n = number of times interest got compounded annually 

Amount = P ( R/100 )n

Where, P = Principal

R = Rate of Interest

T = Time

• If interest compounded Half Yearly,

If interest is compounded Half yearly Then, we should consider n=2, 

Hence the formula for  Amount A = P*[1+ (r/2*100)]²ⁿ

Compound Interest = Total amount – Principal

 

• If interest compounded Quarterly, 

If interest is compounded Quarterly Then, we should consider n=2, 

Hence, Formula for  Amount A = P*[1+ (r/4*100)]⁴ⁿ

Compound Interest = Total amount – Principal

 

• If interest compounded Monthly, 

If the interest is compounded monthly then, n=12. 

Hence, formula for  Amount = P ( 1 + R/100 X 12 )12T

Difference Between The Simple Interest and Compound Interest

Before going to practice the questions with the simple interest and compound interest formula you have some knowledge about the difference between the simple interest and compound interest. In this simple interest and compound interest formula for bank exams article we have provided the difference between the simple interest and compound interest. So aspirants can go through this simple interest and compound interest formula pdf to be proficient with the different between simple interest and compound interest, simple interest and compound interest formula for bank exams. 

 

Difference Between The Simple Interest and Compound interest
Simple Interest	Compound Interest
The simple interest is same for all the years	The compound interest is different for all the years
Simple Interest is less than Compound Interest	Compound Interest is greater than simple Interest
Simple Interest (SI) =  P X R X T100	Compound Interest ( CI ) = {P*[1+ (r/100)]n -1}
The principal amount is constant in such a type of interest	The principal amount is varying during the complete borrowing period

 

Practice simple interest and compound interest questions - Free pdf

 

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Simple Interest and Compound Interest Formula With Examples

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Example 1: : Find the amount that was invested at 5% annual simple interest for 4 years to earn Rs 3500?

Solution:

Assume that the principal value is P.

Rate of interest is, R = 5% = 0.05.

Time is, T = 4 years.

Amount is, A = 3500.

Using the simple interest formula of amount,

A = P (1 + RT)

3500 = P (1 + 0.05 · 4)

3500 = 1.2 P

Dividing both sides by P,

P = 3500/1.2 = 2916.67

Example 2:  Find the compound interest on Rs. 13000 at 10% for 2 years, compounded annually.

Solution:
Principal = P = Rs. 13000
Rate of interest = r = 10%
Time = t = 2 years
Amount on CI = P(1 + r/100)2
= 13000(1 + 10/100)2
= 13000 (1 + 0.1)2
= 13000(1.1)2
= 13000 × 1.21
= 15730
CI = Amount on CI – Principal
= Rs. 15730 – Rs. 13000
= Rs. 2730
Therefore, the compound interest = Rs. 2730

We hope that this simple interest and compound interest formula will be useful for your upcoming bank exams and other competitive exams. By utilizing this article, you will get to know about the various simple interest and compound interest formula, difference between the simple interest and compound interest, simple interest and compound interest formula with example to your reference. Keep in touch with our guidely team to achieve victory in the future competitive examinations. 

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Simple Interest and Compound Interest Formula For Bank Exams FAQs

Q. What is the formula for Simple Interest?

A. Simple Interest (SI) = P X R X T100

where, P = Principal

            R = Rate of Interest

            T = Time

Q. What is the formula for Compound Interest?

A. Compound Interest ( CI ) = P ( 1 + R100 )n - P

Where, P = Principal

            R = Rate of Interest

            T = Time