CBSE & NCERT Solutions Class 7 Maths Simple Interest – Chapter 13
In this article, we will discuss the Class 7 Maths topic Simple interest. Now we will understand the meaning of simple interest, its usage, and how to calculate it.
In our day to day life, for big transactions we need large sums of money hence we borrow money from a bank or an individual or any agency. Lenders are the bank or an individual or agency from where we borrow the money and the person who borrows money is called the borrower. The amount that is borrowed is termed as the loan. When we borrow money we promise to pay it after a specified time.Po8gpost that specified time we pay some extra amount along with loan amount.
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
NCERT solutions for 7 Class Maths are readily available for students comfort.
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.
Number of years=Number of days/365
If Rs P is the principal and the interest rate is R% per annum then
Interest on Rs 100 for 1 year =Rs R
Interest on Rs 1 for 1 year=Rs R/100
Interest on Rs 1 for T year=Rs R/100*T
Interest on Rs P for T year=Rs (R/100*T*P)= RS P*R*T/100
Example-A sum of Rs 400 is lent for 5 years at the rate of 15%per annum. Find interest.
Soln-Principal=400
Rate of interest=15% per annum
Time=5 years
I=P*R*T/100
400*15*5/100=4*15*5=Rs 300
Interest= Rs 300
Find out questions for practice, sample papers, and NCERT Solutions of 7th Class Maths, click Class 7 for details.
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