Math Project
Primus Public School
Bengaluru
2023 – 2024
Amaresh Rajkumar
9A ICSE
Preface
This project is a report of:
1. Education loan Rs.2,00,000 in 5 years
2. Home loan of Rs.15,00,000 in 20 years
3. Vehicle loan of Rs.4,00,000 in 7 years
The interest rates for each loan have been taken from 5
different banks.
These banks are namely:
- ICICI bank
- SBI bank
- Axis Bank
- HDFC Bank
- Union Bank
Acknowledgment
(insert here)
Formulas Needed:
Principal is the amount borrowed that adds up each year by
interest.
Rate is the rate at which compound interest or simple interest
is calculated upon.
Time is the number of years the compound or simple interest
adds up its principal giving the final amount at the last year.
Amount is the amount accumulated at the end of the year or
the total number of years.
Amount (Compound Interest):
Amount = Principal*((1 + (Rate Amount/100))^time)
Therefore, Compound Interest = (Formula) - Principal
Amount(Simple Interest):
Simple Interest = (Principal*Rate Amount*Time)/100
Therefore, Amount = Principal + Interest (From formula)
Education Loan
(ICICI Bank)
Principal = Rs.200000
Rate = 9.85%
Time = 5 years
Compound Interest:
Amount = Principal*((1 + (Rate Amount/100))^time)
= 200000*((1 +(9.85/100))^5)
= Rs.319911.83
Compound Interest = Amount – Principal
= 319911.8313 – 200000
= Rs.119911.83
Compound Interest = Rs.119911.83
Amount = Rs.319911.83
Simple Interest:
Simple Interest = (Principal *Rate amount*Time)/100
= (200000*9.85*5)/100
= Rs.98500
Amount = Principal + Interest
= 200000 + 98500
= Rs.298500
Simple Interest = Rs.98500
Amount = Rs.298500
Simple Interest Vs Compound Interest
Difference in Interests = Compound Interest – Simple Interest
= Rs.119911.83 - Rs.98500
= Rs.21411.83
(SBI Bank)
Principal = Rs.200000
Rate = 11.1%
Time = 5 years
Compound Interest:
Amount = Principal*((1 + (Rate Amount/100))^time)
= 200000*((1+(11.1/100))^5)
= Rs.338532.44
Compound Interest = Amount – Principal
= 338532.44 – 200000
= Rs.138532.44
Compound Interest = Rs.138532.44
Amount = Rs.338532.44
Simple Interest:
Simple interest = (Principal*Rate amount*Time)/100
= (200000*11.1*5)/100
= Rs.111000
Amount = Principal + Interest
= 200000 + 111000
= Rs.311000
Simple Interest = Rs.111000
Amount = 311000
Simple Interest Vs Compound Interest
Difference in Interests = Compound Interest – Simple Interest
= 138532.44 – 111000
= Rs.27532.44
(Axis Bank)
Principal = Rs.200000
Rate = 8.8%
Time = 5 years
Compound Interest:
Amount = Principal*((1 + (Rate Amount/100))^time)
= 200000*((1+(8.8/100))^5)
= Rs.304911.97
Compound Interest = Amount – Principal
= 304911.97 – 200000
= Rs.104911.97
Compound Interest = Rs.104911.97
Amount = Rs.304911.97
Simple Interest:
Simple Interest = (Principal*Rate amount*Time)/100
= (200000*8.8*5)/100
= Rs.88000
Amount = Principal + Interest
= 200000 + 88000
= Rs.288000
Simple Interest = Rs.88000
Amount = Rs.288000
Simple Interest VS Compound Interest
Difference in interests = Compound Interest – Simple interest
= 104911.97 – 88000
= 16911.97
(HDFC Bank)
Principal = Rs.200000
Rate = 9.6%
Time = 5 years
Compound Interest
Amount = Principal*((1 + (Rate Amount/100))^time)
= 200000*((1+(9.6/100))^5)
= Rs.316288.04
Compound Interest = Amount – Principal
= 316288.04 – 200000
= Rs.116288.04
Compound Interest = Rs.116288.04
Amount = Rs.316288.04
Simple Interest
Simple Interest = (Principal*Rate amount*Time)/100
= (200000*9.6*5)/100
= Rs.96000
Amount = Principal + Interest
= 200000 + 96000
= Rs.296000
Simple Interest = Rs.96000
Amount = Rs.296000
Simple Interest VS Compound Interest
Difference in interests = Compound Interest – simple interest
= 116288.04 – 96000
= Rs.20288.04
(Union Bank)