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Simple Interest - Facts and Formulae

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 certain period is reckoned uniformly, then it is called simple interest.

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

1. S.I. = (P x R x T )/ 100)

2. P = (100 x S.I.) / R x T)

3. R = (100 x S.I) / P x T)

4. T = (100 x S.I.) / P x R)