### Online Exam » Aptitude » Simple Interest

**Simple Interest :**

1. The money borrowed is called “Principal or Sum”. Extra money paid for using others money is called ‘ Interest’.

2. If the interest on a certain sum for a certain sum for a certain period is reckoned uniformly, it is called simple interest.

3. Amount = Principal + Interest

4. Formulae : The simple interest (S.I.) on a principal P at R% per annum for T years given by