Arithmetic Aptitude :: Simple Interest
Simple Interest - Important Formulas
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Principal:
The money borrowed or lent out for a certain period is called the principal or the sum.
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Interest:
Extra money paid for using other's money is called interest.
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Simple Interest (S.I.):
If the interest on a sum borrowed for 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). Simple Intereest = \(\left(\frac { P\times R\times T } { 100 }\right)\); (ii). P = \(\left(\frac { 100\times S.I } { R\times T }\right)\); R = \(\left(\frac { 100\times S.I } { P\times T }\right)\); and T =\( \left(\frac { 100\times S.I } { P\times R }\right)\); .