Consumer Arithmetic

Question 1

What is the formula for finding simple interest?

Answer 1

P x R x T / 100

Question 2

What is the formula for finding the principle in simple interest?

Answer 2

I x 100 / R x T

Question 3

What is the formula for finding the rate in simple interest?

Answer 3

I x 100 / P x T

Question 4

What is the formula for finding the time in simple interest?

Answer 4

I x 100 / P x R

Question 5

What is the formula for appreciation?

Answer 5

P x (1 + R/100) ^ T

Question 6

What is the formula for depreciation?

Answer 6

P x (1 - R/100) ^ T

Question 7

What are the steps to finding compound interest (short way)?

Answer 7

1st Step:

100 + R

2nd step:

Result/100

3rd step:

P + (Result) ^ T

Question 8

What are the steps in finding compound interest (long way)?

Answer 8

1st step:

R/100 x P

2nd step:

Find the total amount

3rd step:

R/100 x P

Note: the principle in this case will be the total amount found in step 2.

Question 9

What is the formula for hire purchase?

Answer 9

Deposit + Total investments

Question 10

How do you find the deposit in hire purchase?

Answer 10

Deposit =

Percentage of cash purchase/100 x Cash purchase

Question 11

How do you find the total installments in hire purchase?

Answer 11

Total instalments =

The amount of money to be paid each month (week/day) x For how long the money should be paid