Simple Interest Questions
FACTS AND FORMULAE FOR SIMPLE INTEREST QUESTIONS
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 a 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,