SIMPLE INTEREST -IMPORTANT FORMULA

  1. Principal: The money borrowed or lent out for a certain
    period is called the principal of 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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