Simple Interest Formulas
Principal or sum: 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: If the interest on a sum borrowed for a certain period is reckoned uniformly, then it is called simple interest.
Important Simple Interest Formulas:
Let Principal – P Rate = R % per annum and Time = T years. Then,