Simple Interest Formula, Concept and Study Notes

Simple Interest 

Simple interest is the method by which you can calculate the interest on a loan. It is charged on the principal amount. In order to determine the simple interest, you need to multiple the principal amount with the rate of interest and the time period. It is calculated only on the original sum of money. Students must be aware of the simple interest formula to solve the questions asked in the exam. We are providing you with complete notes on simple interest.

Simple Interest Formula

1. If a certain sum in T years at R% per annum amounts to Rs. A, then the sum will be

2. The annual payment that will discharge a debt of Rs. A due in T years at R% per annum is .

Annual payment=

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3. If a certain sum is invested in n types of investments in such a manner that equal amount is obtained on each investment where interest rates are R₁, R₂, R₃ ……, R_n, respectively and time periods are T₁, T₂, T₃, ……, T_n, respectively, then the ratio in which the amounts are invested is

4. If a certain sum of money becomes n times itself in T years at simple interest, then the rate of interest per annum is

5. If a certain sum of money becomes n times itself at R% per annum simple interest in T years, then

6. If a certain sum of money becomes n times itself in T years at a simple interest, then the time T in which it will become m times itself is given by

7. Effect of change of P, R and T on simple interest is given by the following formula:

8. If a certain sum of money P lent out at SI amounts to A₁ in T₁ years and to A₂ in T₂ years, then

9. If a certain sum of money P lent out for a certain time T amounts to A₁ at R₁ % per annum and to A₂ at R₂ % per annum, then

10. If an amount P₁ lent at the simple interest rate of R₁ % per annum and another amount P₂ at the simple interest rate of R₂ % per annum, then the rate of interest for the whole sum is

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