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Simple Interest-

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

Interest: Extra money paid for using other’s money is called interest.

Simple Interest (SI): 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)

Time= T years

(i) Simple Interest ( SI )= (P×R×T)/100

Similarly;

P = (100×SI) /(R×T)

R= (100×SI) /(P×T)

T= (100×SI) /(P×R)