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Simple Interest

Simple Interest. Important Facts and Formulae. 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 (S.I .)

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Simple Interest

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  1. Simple Interest Important Facts and Formulae

  2. 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.

  3. Simple Interest (S.I.) If the interest on a sum borrowed for certain period is reckoned uniformly, then it is called simple interest.

  4. Let Principal = P, Rate = R% per annum (p.a.) and Time = T years. Then (i). Simple Interest = [(P x R x T)/100] (ii). P = [(100 x S.I.) / (R x T)] (iii) R= [(100 x S.I.) / (P x T)] (iv) T = [(100 x S.I.) / (P x R)]

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