Simple Interest-Chapter 13-Class 7 Maths Solutions Let us understand few more definitions:- Principal – The money borrowed by a borrower from a lender is known as the principal or sum. Interest -The additional money paid by the borrower to the lender for having used his money is called the interest. The interest is paid according to an agreement between the borrower and the lender. Amount -The total money which the borrower pays back to the lender at the end of the specified period is called the amount. Amount=Principal + interest A=P+I Where A=amount P=Principal I=interest Simple interest The additional money paid by the borrower to the lender for having used his money is called the interest. The interest is calculated uniformly on the original principal throughout the loan period it is called simple interest. In calculating the numbers of days, we do not consider the day on which the money is deposited but the withdrawal date is counted. Continue chapt
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