Simple Interest - Arithmetic Aptitude Questions and Answers

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Simple Interest - Important Formulas

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 = $\left(\frac { P\times R\times T } { 100 }\right)$ ;

(ii). P =

$\left(\frac { 100\times S.I } { R\times T }\right)$ ; R =

$\left(\frac { 100\times S.I } { P\times T }\right)$ ;

and T =

$\left(\frac { 100\times S.I } { P\times R }\right)$ ;

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