The percentage of the principal that is paid over a certain period of time is called the interest rate. Interest is typically calculated over principal amount (Base Amount).
Simple Interest is considered when time period is generally less than a year. Simple interest is calculated only on principal amount and Simple interest formula is as follows
Where
I = Interest Amount
P = Principal Amount
n = Time period
r = Rate of interest
Candidates preparing for following competitive exams can utilize Aptitude section to improve their skills.
- Bank Competitive Exam
- MPSC Competitive Exams
- SSC Competitive Exams
- L.I.C/ G. I.C Competitive Exams
- Railway Competitive Exam
- University Grants Commission (UGC)
- NET/ SET Competitive Exam
- Common Aptitude Test (CAT)
- Career Aptitude Test (IT Companies)