Simple Interest.......[competitive. exam prep.... topic 36].
'Simple Interest' A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate by the principal by the number of periods. Where: P is the loan amount I is the interest rate N is the duration of the loan, using number of periods. Formulae & Examples Formula for finding out Simple Interest Principal: The money borrowed or lent out for a certain period is called the principal or thesum. 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 . Simple Intereest = ((P*R*T)/100) .P = ((100*S.I)/R*T); R = ((100*S.I)/(P*T)) and T = ((100*S.I)/(P*R) 4.Calculate Total Amount Accrued (Principal + Interest) A = P(1 + rt) 5. Calcula...