What else should I know?

Ans : There are a couple of simple rules to follow when working with compound interest and simple interest formulas. To answer the questions quickly, you must learn several tricks. It is very important to learn about them so that you avoid wasting time while solving the questions during the exams.

One of the simple and compound interest trick lies in these formula:

– Simple Interest = (Principal x Interest Rate x Time) / 100

– Compound Interest = (Principal x (Interest Rate / 12))