Question

What is the simple interest?

Answer 1

Simple Interest (SI):

Simple interest is the small amount of money charged when some money is borrowed for a particular time at a particular rate.

The formula for simple interest can be given as:

$\mathbf{SI}\mathbf{=}\frac{\mathbf{P}\mathbf{\times }\mathbf{R}\mathbf{\times }\mathbf{T}}{\mathbf{100}}$

where $\mathrm{P}$ is the Principal borrowed or deposited, $\mathrm{R}$ is the rate of interest, and $\mathrm{T}$ is the time for which the money is borrowed or deposited.