Simple Interest

Interest:
The money paid by the borrower to the lender for the use of money is called Interest.

Principal:
The sum lent is called principal.
Simple Interest(I):
(PxRxT )/100
Where P = Principal R= Rate of interest per annum
T= Time period in years
Amount= Principal + Simple Interest

Amount(A)=
P(100+RT)/100

P=(100xI)/(RxT)

R=(100xI)/(PxT)

T=(100xI)/(PxR)

In case if money is lent to someone for earning interest:
The day on which money is deposited is not counted while the day on which money is withdrawn is counted .