Question

The simple interest on a sum of money is the product of the sum of money, the number of years and the rate percentage. Write the formula to find the simple interest on Rs A for T years at R% per annum.

Answer 1

Let the simple interest = I

Now simple interest on sum of money = product of sum of money, number of years and rate percentage = `("A" xx "I" xx "R")/(100)`

As per the data I = `("A" xx "I" xx "R")/(100)`.