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,
(i)
S.I. = (P*R*T
)/100
(ii) P=(100*S.I)/(R*T)
;R=(100*S.I)/(P*T) and T=(100*S.I)/(P*R)
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