wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Fill in the blanks to make the statement true: Interest=P×R×T100, where T is R% is and P is _______.


Open in App
Solution

Explain the formula of Interest

The formula for simple interest (I) is calculated as P×R×T100, where P is the Principal amount, R is the Interest rate and T is the Time period.

For example: Consider a principal amount P is invested for a time period (T) of 3 years at an interest rate (R) of 5%.

The interest it provides is 800.

So, in this case we can evaluate the Principal by using the formula Interest=P×R×T100

800=P×5×4100P=800×1005×4P=4000

Thus, the principal amount (P) invested was 4000

Therefore, Interest=P×R×T100, where T is R% is and P is Principal.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Simple Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon