Simple Interest

Simple Interest Important Formulas – Aptitude

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 Interest =58
(ii). P = 59

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