reading section simple interest
TRANSCRIPT
GRADE: VII
SUBJECT: Maths
READING SECTION:
Principal (P) → It is the sum of money that is deposited or borrowed.
Rate (R) → It is the condition under which interest is charged
Time (T) → It is the duration for which principal is deposited or borrowed
Interest (I) → It is the additional money charged for the use of money.
Amount (A) → It is the sum of principal and Interest ie,
A = P + I
Simple Interest
Formula:
I = 𝑃𝑇𝑅
100
R = 𝐼×100
𝑃𝑇
T = 𝐼×100
𝑃𝑅
P = 𝐼×100
𝑇×𝑅
Note: I or SI are the same notation of simple Interest
Worked out Examples :
1. P = Rs 5000
T = 2 years
R = 10% per annun
I = ?
Solution
Here, P = Rs 5000
T = 2 years
R = 10% per annun
I = ?
We know that,
I = 𝑃𝑇𝑅
100
= 500×2×10
100
= 1000
∴ I = Rs 1000
2. P = Rs 8000
I = Rs 800
R = 10% per annun
T= ?
Solution
Here, P = Rs 8000
I = Rs 800
R = 10% per annun
T = ?
We know that,
T = 𝐼×100
𝑃𝑅
= 800×100
8000×10
= 1
∴ T = 1 year
3. P = Rs 24000
T = 2 years
I = Rs 4800
R = ?
Solution
Here, P = Rs 24000
T = 2 years
I = Rs 4800
R = ?
We know that,
R = 𝐼×100
𝑃𝑇
= 4800×100
24000×2
=10
∴ R = 10% per annun
Type I
TYPE ONE
1.Find the simple interest and amount in the following cases:
a. P = Rs. 3200, Rate = 9% per year, Time = 2 years
b. P = Rs 4800, Rate = 10% per year, Time = 4 years
c. P = Rs. 2700, Rate = 8% per year, Time = 4 years
2. Find the principal in the following:
a. I = Rs. 5000, Rate = 10% per year Time = 5 years
b. I = Rs. 10000, Rate = 5% per year Time = 4 years
c. I = Rs. 70000, Rate = 10% per year Time = 2 years
3. Find the time in the following:
a. P = Rs. 4470, SI = Rs. 1906, Rate = 8% per year
b. P = Rs. 3500, SI = Rs. 725, Rate = 12.5% per year
c. P = Rs 8500, SI = Rs. 4500, Rate = 10% per year
4. Find the rate of interest in the following;
a. P = Rs. 5200, SI = Rs 1100, Time = 2.5 years
b. P = Rs 3560, SI = Rs 961, Time = 3 years
c. P = Rs 1870, SI = Rs 744, Time = 8 years
Exercise: 1
Worked out Example:
Write the value of P, R and T
from the given question
Use the formula of I
Now substitute the value
Type Two
3. Mr. Gurung deposited a sum of Rs 5000 in a bank at the rate of 8.5%per year. Find the amount
received by him at the end of 4 years.
Solution:
Here, Principal (P) = Rs 5000
Rate (R) = 8.5% per year
Time (T) = 4 years
Now, interest (I) = 𝑃𝑇𝑅
100=
5000×4×8.5
100= 𝑅𝑠 1700
Again, amount (A) = P+I = Rs 5000 + Rs 1700 = Rs 6700
∴ 𝐴𝑚𝑜𝑢𝑛𝑡 = 𝑅𝑠 6700
4. At what rate percent per annum will a sum of Rs 4500 amount to Rs 5445 in 3 years?
Solution:
Here, Principal (P) = Rs 4500
Amount (A) = Rs 5445
Interest (I) = A-P = Rs 5445 – Rs 4500 = Rs 945
Time = 3 yerss
Now, rate (R) = 𝐼×100
𝑃×𝑇 =
945×100
4500×3 = 7%
1.Raj kumar borrowed a sum of Rs. 10,000 from a Krishi Bikash Bank at the rate
of 10%. How much amount should he pay to clear the debt after 6 years?
2. Mr Chhetri borrowed Rs 9600 from a bank at the rate of 7% per annum. How much amount should he
pay at the end of 2 years?
3. A sum of money at simple interest doubles itself in 10 years, find the rate percent per annum.
4. In how many years would the simple interest of sum of 8000 at 6% per year be Rs 1026?
5. Mr. Sharma deposited a sum of Rs 6000 in a bank at the rate of 121
2% per year. Find the amount
received by him at the end of 4 years 6 months.
6. A man borrowed a sum of Rs 8000 from a bank at the rate of 12.5% . how much amount should he
pay to clear the debt after 6 years?
Exercise: 2
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