Quantitative Aptitude Simple Interest Study Material
1. ‘Interest’ is the money paid by a borrower to the fender for die use of money borrowed.
2. The money borrowed or lent out for a certain period is called the ‘Principal’ or ' the sum '.
3. The sum of Interest and Principal is called the Amount
Thus Amount = Principal + Interest
4. The duration of period for which the money is borrowed is called the Time.
5. The interest is charged according to some pre condition which is expressed in general as a rate per cent of the principal for each year and is called Tate percent per annum. Thus if the rate of interest is 5%
2. The money borrowed or lent out for a certain period is called the ‘Principal’ or ' the sum '.
3. The sum of Interest and Principal is called the Amount
Thus Amount = Principal + Interest
4. The duration of period for which the money is borrowed is called the Time.
5. The interest is charged according to some pre condition which is expressed in general as a rate per cent of the principal for each year and is called Tate percent per annum. Thus if the rate of interest is 5%
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