T is the time and. If you put money into a bank or building society they will pay you interest on this money. RS Aggarwal Class 7 Solutions.
Simple Interest PRT100 We can also calculate the Principal amount as P 100Simple InterestRT.
When the amount of interest the principal and the time period are known you can use the derived formula from the simple interest formula to determine the rate as follows. I Prt becomes r IPt Remember to use 1412 for time and move the 12 to the numerator in the formula above. R interest rate in percentage T time duration in years. First it is important to recall the concept of interest and ways to calculate it.