Simple Interest
If throughout the loan period, the interest is charged on the original sum (principal) borrowed, it is called simple interest.
Simple Interest Terms
P = Principal.
R = Rate of interest.
T = Time.
S.I = Simple interest.
Simple Interest Formulas
| (i) S.I | = | P x R x T | 100 |
| (ii) P | = | S.I x 100 | R x T |
| (iii) R | = | S.I x 100 | P x T |
| (iv) T | = | S.I x 100 | P x R |
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