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Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download ClearTax App to file returns from your mobile phone. Find the compound interest on Rs. 20000 at 20 percent per annum for 12 months, compounded half yearly.
Answer (Detailed Solution Below)Option 3 : Rs. 4200 Free CT 1: Growth and Development - 1 10 Questions 10 Marks 10 Mins Given: Principal = Rs. 20000, Rate = 10 % per half-year, Time = 1 years = 2 half- years Formula: Amount = P (1 + (R/2)/100)2n Calculations: Amount = 20000 [1 + 10/100]2 Amount = Rs. 24,200 Compound Interest = Total amount – Principal ⇒ 24,200 – 20000 ⇒ Rs.4200 ∴ The required answer is Rs 4200. Last updated on Sep 21, 2022 The NCTE (National Council for Teacher Education) has revised the TET eligibility criteria recently and has issued a notification stating that a candidate who has been admitted or undergoing any of the Teacher Training Courses (TTC) is eligible for appearing in the TET Examination. Candidates appearing for the CTET (Central Teacher Eligibility Test) are exempted from any age limit. They have to just satisfy the required educational qualification. Candidates are qualified for the CTET exam based on their results in the written exam. The written exam will consist of Paper 1 and Paper 2 in which candidates have to score a minimum of 60% marks to qualify. Check out the CTET Selection Process here. Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now! Investments earned on a scheme are calculated as gains accumulated against the interest accumulated. Such gains are compiled in either compound or simple interest. Interest is calculated on the principal amount. Calculating the amount that you will gain after a certain period based on the interest is vital. If your investment accumulates funds based on the simple interest you can use a simple interest calculator. These calculators help you easily compute the total amount of funds you will be able to generate on maturity. Simple Interest FormulaTo calculate Total Maturity Amount Value:The simple interest formula for the calculator which is utilized to compute the overall gains accumulated is represented as: A = P(1 + rt) here: A represents the Total accumulated Amount (principal + interest) To calculate the Interest on the Investments and loansSI= P X RX T/100 In it, the variables represent the following –
Groww SI calculator uses this formula to help easily determine interest rates and gauge the increase in the value of the initial investment. Let’s understand it with the help of an instance. Mr. A has invested an amount of Rs. 15000 at an interest rate of 5% for almost 2 years. So his SI will be calculated as Rs. (15000 X 5 X 2/100) which is equal to Rs.16500. What is the Simple Interest Formula and when is it Used?The amount one needs to pay or receive after a certain tenure base based on the interest can be calculated using the Simple Interest Formula. It is the best and simple method of calculating interest on the principal amount and should be used:
How to Calculate Simple Interest using Calculator?For individuals who are confused regarding the gains that they will accumulate once the maturity period is over, a simple interest EMI calculator is the only option. Just enter the principal, rate and time value and the result will be calculated within seconds. How can Simple Interest Calculator help you?It is regarded as the best computing device to determine the value of money gain over the tenure of investment. Users will know how much interest they will earn. Its simplified nature and accuracy have increased the demand for a simple interest rate calculator recently. The principal amount is constant when calculating a simple interest rate. This indicates the fact that interest is levied on principal remains the same for the consecutive tenure.
Advantages of using Simple Interest CalculatorsThere are times when borrowers, depending on the manual method, people pay unpaid interest before principal. This situation leads to issues during computing simple interest on an amount. Following are some of the advantages of switching to an online calculator from the manual method.
What is the compound interest on 20000 at 5% per annum for 2 years?Answer: Amount = Rs 24782. Compound interest = Rs 4782.
What is the 5% interest of 20000?5 percent of 20000 is 1000.
What is the compound interest on rupees 20000 at 5% for 4 years?Hence, compound interest on Rs. 20,000 for 4 years at 5% p.a. is Rs. 4,310.125.
What will be the amount of ₹ 20000 after 2 years when the interest is compounded annually at the rate of 10% per annum also calculate the compound interest?Hence the compound interest that I need to pay after two year will be equal to Rs 4200.
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