RD Sharma Class 7 Solutions: Chapter 13: Simple Interest
- The person who borrows money is called the borrower
- The person who lends money is called the money lender
- The money borrowed from a lender is called the principal
- The additional money paid by the borrower to the lender for having used his money is called the interest.
- Interest is said to be simple if it is calculated on the original principal throughout the loan period
- In calculating the number of days, we do not count the day on which the money deposited but the date of withdrawal is counted
Number of Years = Number of days/365
If P = Prnicipal, R = Rate of interest per annum and T = Time, then the simple interest is given by S.I. = PRT / 100
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