The money borrowed or lent out for a certain period is called the principal or the sum.
Extra money paid for using other's money is called interest.
3) 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= (P*R*T)/100
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