IMO class 5 chapter 8: Simple interest

IMO class 5 chapter 8: Simple interest

The IMO Syllabus for Class 5 covers subjects covered in the academic program. The format of the math olympiad questions, however, is entirely conceptual in order to evaluate students’ capacities for logical reasoning. It will be confirmed that students are using logical reasoning to comprehend various mathematical concepts by having them attempt math olympiad sample papers. The reasoning curriculum for primary schools covers topics like patterns, grouping, odd one out, ranking, geometrical shapes, and coding and decoding. This article is all about IMO class 5 chapter 8: Simple interest.

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IMO class 5 chapter 8: Simple interest Detailed Notes

Simple Interest

Simple interest is a way to figure out how much interest will be charged on a sum of money at a specific rate and for a specific time. Contrary to compound interest, where we add the interest of one year’s principal to the next year’s principal to compute interest, the principal amount under simple interest remains constant.

You will learn about the idea of borrowing money in this lesson, as well as how borrowing results in simple interest. Additionally, words like principal, quantity, rate of interest, and time period will be presented to you. The simple interest formula can be used to calculate simple interest using these terms.

What is Simple Interest?

Simple interest is a quick and simple approach to figuring out how much money has accrued interest. Interest is always applied to the original principal amount and is calculated at the same rate for each period of time. Any bank where we deposit money will pay us interest on that amount. Simple interest is one of many forms of interest that banks charge. Now, let’s first clarify what a loan is before delving further into the idea of simple interest.

A loan is a sum of money that someone borrows from a bank or other financial institution to cover expenses. Home loans, auto loans, student loans, and personal loans are a few instances of loans. A loan amount must be promptly repaid to the authorities together with an additional sum, often the interest you paid on the loan.

Simple Interest Formula

Simple interest is calculated with the following formula

 S.I. = P × R × T

where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years. The rate of interest is in percentage r% and is to be written as r/100.

Simple Interest: Tips and Tricks

  • The day that money is borrowed is not taken into account when calculating the duration; instead, the day that the borrowed funds must be returned is added.
  • The interest paid on each $100 over a predetermined period of time is the rate of interest.
  • Compound interest always carries a higher interest rate than simple interest.
  • Compound interest calculation formulas and procedures are derived from simple interest calculation formulas.
  • The formula always maintains the rate of interest in fractions.

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Planning is especially important when an understudy is participating in a serious test, such as the International Math Olympiad. Maths Olympiad Workbooks and Previous Year Question Papers were provided by School Connect Online for students in grades 1 to 10. The subject specialists outline the review materials. The questions are in the MCQ format and cover topics from the most recent prospectus. Olympiad preparation material simplifies the preparation process.

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IMO Class  5 Chapter 1

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