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Lesson 20 · Simple Interest

Simple Interest

MathematicsSubject

13 minEstimated read

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Question 1 of 10

1Simple interest is charged on

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Lesson 20 topics

Simple Interest

Quick Facts

Lesson: 20: Simple Interest
Topic: Simple Interest
Domain: Daily Arithmetic

Interest is rent paid for money. Simple interest is charged only on the original sum, so I = P × R × T ÷ 100.

Study Tip

The time must be in years, because the rate is per year. Nine months is 0.75 years, and putting 9 into the formula gives an answer twelve times too large.