Question

What is the sum of money in simple interest?

Answer 1

Simple interest is the interest amount for a particular principal amount of money at some rate of interest.

Formula:

$\mathrm{Simple}\mathrm{Interest}\left(S.I\right)=\frac{P·R·T}{100}$

Where,

$P=$Principal Amount, $R=$Rate of interest, and $T=$The time period in years

Then, the sum of money in simple interest is the addition of the principal amount and simple interest for that period.

The sum of money in simple interest $=P+S.I$