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
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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