How to Find Simple Interest When Time Period is in Months / Finding Simple Interest (Time in Months)

Created from Youtube video: https://www.youtube.com/watch?v=FMlrTI7fnrYvideo

Concepts covered:simple interest, time conversion, principal amount, annual interest rate, calculation process

The video explains how to calculate simple interest when the time period is given in months by converting months into years. It provides two examples: one with a principal of 1500 rupees at a 12% annual interest rate for 3 years and 3 months, and another with a principal of 9600 rupees at a 7.5% annual interest rate for 5 months, demonstrating the step-by-step calculation process.

chapter

Concepts covered:simple interest, time conversion, principal amount, annual interest rate, calculation process

Question 1

Is simple interest calculated using time in years?

Question 2

Convert 5 months to years for interest calculation.

Question 3

Simple interest formula includes time divided by _____.

Question 4

CASE STUDY: A company provides a loan of $5000 at 8% per annum for 1 year and 9 months. Determine the simple interest to be paid.

Identify the incorrect interest amount.

Question 5

Convert months to years by dividing by 12.

Question 6

What is the formula for simple interest?

Question 7

Convert 3 months into years as _____.

Question 8

CASE STUDY: A bank offers a special savings account with a 10% annual interest rate. A customer deposits $2000 for 2 years and 6 months. Calculate the simple interest earned.

Identify the incorrect simple interest calculation.

Question 9

Does 3 years 3 months equal 13/4 years?

Question 10

Calculate simple interest for 9600 at 7.5% for 5 months.

Question 11

Principal amount in second example is _____.

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