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.):
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.) and Time = T years. Then
(i). Simple Intereest = (P x R x T/100)
(ii). P=(100 x S.I./R x T); R = (100 x S.I./P x T) and T =(100 x S.I./P x R) .
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.):
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.) and Time = T years. Then
(i). Simple Intereest = (P x R x T/100)
(ii). P=(100 x S.I./R x T); R = (100 x S.I./P x T) and T =(100 x S.I./P x R) .
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