What is Interest?
Whenever a person borrows a sum from another person or bank for a particular period, the borrower has to pay the lender an amount which is more than the amount borrowed. This extra amount above the repayment of the actual amount is known as Interest.
The money borrowed or lent is called the principal. It is usually denoted by P.
‘The time period for which the amount of money is borrowed or lent. It is donated by T or t.
Rate of Interest
The rate at which the interest is calculated on the loan or investment. It can be per annum, per month, per day, etc. It is denoted by R or r.
Important Formulas of the chapter Simple Interest
Simple Interest Formula
Amount = Principal + Simple Interest
Formula for Principal, Rate and Time
Class 8 Maths Simple Interest Online Test
You can go through the tutorial of this chapter in video form to understand the concept clearly. Here is the link to the video tutorial.
Do share your score of this quiz in the comments section below.
Happy learning. Say yes to maths.
ICSE Related links
- ICSE Chapter wise Quiz For Class 6
- ICSE Chapter wise Quiz For Class 7
- ICSE Chapter wise Quiz For Class 8
- ICSE Chapter wise Quiz For Class 9
- ICSE Chapter wise Quiz For Class 10
- Sample Papers For Class 6
- Sample Papers For Class 7
- Sample Papers For Class 8
- Sample Papers For Class 9
- Sample Papers For Class 10
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