**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 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

(ii) P=(100*SI)/(R*T)

(iii) R=(100*SI)/(P*T)

(iv) T=(100*SI)/(P*R)

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