ThePrismSolutions

ThePrismSolutions

SIMPLE INTEREST

1 Principal:

The money borrowed or lent out for a certain period is called the principal or the sum.

2. Interest:

Extra money paid for using other's money is called interest.

3. Simple Interest (S.I.) :

If the interest on a sum borrowed for a certain period is reckoned uniformly, then it is called simple interest.

Let Principal = P, Rate = R% per annum (p.a.) and Time = T years. Then,

(i) S.I. = (P*R*T )/100

(ii) P=(100*S.I)/(R*T)

R=(100*S.I)/(P*T) and

T=(100*S.I)/(P*R)


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