Simple Interest

When borrowing money (called the Principle –P) from a bank or a moneylender, then at the end of the specified period (called the Time- T) we have to pay the money borrowed and some extra money (known as Interest –I) for the privilege of having used the money. His interest depends on the time and the Rate-R of the interest. he sum of the Principle and the Interest is called the Amount-A. If we want to invest or lend money, the situation is exactly the same. In this case, we will receive interest on the Principle which we invest

Formulae: Let principle =Rs P, Rate=R% per annum and Time =T years

P=100*S.I/R*T
R=100*S.I./P*T
T=100*S.I/P*R