NCERT Solutions for Class 8 Maths Chapter 7 Exercise 7.3 Comparing Quantities - PDF Download

NCERT solutions for class 8 maths chapter 7 ex 7.3 Comparison of Quantities provides an insight into the fundamental concept of modern finance, namely the time value of money, by exploring questions related to simple and compound interest. Class 8 Maths chapter 7 Exercises 7.3 NCERT solutions will provide the necessary practice to play, comprehend and appreciate the relationship between interest rate and time in determining the time value of money.

Ex 7.3 class 8 maths solutions consisted of three questions based on the concepts of compound interest, its formula and applications of compound interest formula. NCERT Exercise question and answers provided in PDF format will assist you in formulating a suitable solution for the maths exam. These solutions are designed to help you to understand the concepts by practicing the problems. NCERT solutions for class 8 maths chapter 7 ex 7.3 are developed by eSaral subject matter specialists to help you improve your understanding of compound interest concepts. You can download the free PDF of these solutions from eSaral and strengthen your concepts.

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Topics Covered in Exercise 7.3 Class 8 Mathematics Questions

Ex 7.3 class 8 maths chapter 7 NCERT solutions for comparing quantities is based on the concepts of compound interest, formula of compound interest and applications of compound interest formula. You can find the detailed explanation of these topics here mentioned below.

1. Compound Interest

Interest is the extra money paid by institutions like banks or post offices on money deposited (kept) with them. Interest is also paid by people when they borrow money.

Simple interest =P×R×T/100,          where P = principal amount

                                                           R = rate of interest

                                                           T = time period for which the interest is paid

Compound interest refers to the interest calculated on both the principal amount and the interest earned.

2. Deducing a Formula for Compound Interest

Normally, the interest paid or charged is never simple. The interest is calculated on the amount of the previous year. This is known as interest compounded or Compound Interest (C.I.). 

The formula can be used to calculate the compound interest.

Compound Interest (CI) = Amount (A) – Principal (P)

3. Applications of Compound Interest Formula

There are many situations in which compound interest can be applied.

• Increase (or decrease) in population. 
• The growth of a bacteria if the rate of growth is known. 
• The value of an item, if its price increases or decreases in the intermediate years. 

Tips for Solving Exercise 7.3 Class 8 Chapter 7 Comparing Quantities 

Solving questions can be tough if you don’t understand the concepts properly. Here on eSaral, our subject experts have provided some very useful tips and methods to solve the ex 7.3 and get a clear comprehension of topics. You can find them below.

1. The first step in the ex 7.3 is to understand how the output changes when the inputs are converted into the same formula.
2. The questions in NCERT solutions class 8 maths chapter 7 ex 7.3 have simple solutions and motivate the students to use the data sets and understand the input-output relation of the formula.
3. Students must also learn and remember the formula of compound interest to solve the questions of ex 7.3.

Importance of Solving Ex 7.3 Class 8 Maths Chapter 7 Comparing Quantities

By answering questions in a systematic manner and revising the necessary solutions, students will gain the self-confidence to answer all the difficult questions in the chapter 7 ex 7.3.

Below are a few benefits of frequently solving questions from ex 7.3 comparing quantities class 8 maths.

1. NCERT solutions class 8 maths chapter 7 ex 7.3 is presented in a stepwise format to help you understand how to answer the questions on the exam.
2. When students study NCERT solutions, they learn how to solve complicated problems, which helps them to build problem solving skills and understand compound interest.
3. In order to prepare for examinations, students develop time management skills as practicing enables them to answer any question in a timely manner.
4. NCERT solutions are also available here in PDF format to check your answer for all the questions included in exercise 7.3.

Frequently Asked Questions

Question 1. What is compound interest? Write the formula of compound interest.

Answer 1. Compound interest is the interest calculated on the previous year’s amount (A = P + I).  If you deposit a fixed sum of money into a bank, you will receive interest on that sum annually. The interest increases over time, rather than remaining the same throughout the year.

Formula for compound interest (CI) = Amount (A) – Principal (P)

Question 2. Do the NCERT solutions for class 8 maths chapter 7 have all the answers for ex 7.3?

Answer 2. NCERT solutions for class 8 maths ex 7.3 are provided by eSaral. All the NCERT solutions are explained in detail stepwise by our expert teachers. Students can get rid of all their doubts in no time by using these solutions. We provide correct NCERT solutions so that the students can save their time during exam preparation. These solutions are also available for free to download on the eSaral website.