Simple and Compound Interest — Study Plan
SNAP · Quantitative Aptitude
Step-by-step study plan for Simple and Compound Interest — structured approach to mastering this chapter for SNAP Quantitative Aptitude.
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A structured approach to studying Simple and Compound Interest for SNAP Quantitative Aptitude.
Study Plan for Simple and Compound Interest
Day 1–2: Learn the Theory
Study the chapter thoroughly. Note down definitions, formulas, and key concepts.
Day 3: Practice Problems
Solve practice questions and previous year SNAP problems. There are 45 questions available for this chapter.
Day 4: Revise & Test
Revise key formulas and concepts without looking at notes. Take a practice quiz to test your understanding.
What to Focus On
- Principal (P) = Original sum of money
- Rate (R) = Percentage of interest per annum
- Time (T) = Duration in years
- SI = (P × R × T) / 100
- Amount = P + SI = P(1 + RT/100)
- Annual interest remains constant
- CI = P[(1 + R/100)^T - 1]
- Amount = P(1 + R/100)^T
- Interest compounds (earns interest on interest)
Common Mistakes to Avoid
In compound interest, if the rate is compounded half-yearly, I simply use half the rate for double the time period without any other adjustments
Simple Interest and Compound Interest are the same for the first year, so their difference formula CI - SI = P(r/100)^2 works for any time period
When money doubles in 'n' years at simple interest, the rate is always 100/n percent
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