Simple Interest
ICSE · Class 7 · Mathematics
Flashcards for Simple Interest — ICSE Class 7 Mathematics. Quick Q&A cards covering key concepts, definitions, and formulas.
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Solve: Find the simple interest on ₹3,000 at 4% per year for 5 years.
Answer
Step 1: Use the formula I = (P × R × T) / 100. Step 2: Substitute the values: I = (3000 × 4 × 5) / 100. Step 3: Multiply: 3000 × 4 × 5 = 60,000. Step 4: Divide by 100: I = 600. Answer: The simple inte…
Solve: Find the amount on a loan of ₹3,000 at 4% per year for 5 years.
Answer
Step 1: First find the interest. I = (P × R × T) / 100 = (3000 × 4 × 5) / 100 = 600. Step 2: Use Amount = Principal + Interest. A = 3000 + 600 = 3600. Answer: The amount is ₹3,600.
When do you use I = (P × R × T) / 100?
Answer
Use this formula when the principal, rate, and time are known, and the interest is needed. Example: P = ₹800, R = 6% per month, T = 9 months. I = (800 × 6 × 9) / 100 = 432. Answer: The interest is ₹43…
Solve: Find the interest on ₹800 at 6% per month for 9 months.
Answer
Step 1: Use I = (P × R × T) / 100. Step 2: Substitute values: I = (800 × 6 × 9) / 100. Step 3: Multiply: 800 × 6 × 9 = 43,200. Step 4: Divide by 100: I = 432. Answer: The interest is ₹432.
Why must time be taken in the same unit as the rate?
Answer
The rate tells how much interest is earned in a fixed time unit, so time must match that unit. If the rate is per year, time is in years. If the rate is per month, time is in months. Example: For 6% p…
Solve: Find the simple interest on ₹900 for 73 days at 8 3/4% per year.
Answer
Step 1: Convert 8 3/4% to 35/4%. Step 2: Convert 73 days to years: 73/365 = 1/5 year. Step 3: Use I = (P × R × T) / 100. Step 4: I = (900 × 35/4 × 1/5) / 100. Step 5: Simplify to get I = 15.75. Answer…
Why is the starting date not included when counting days for interest?
Answer
For finding time, the starting date is not included, but the ending date is included. Example: From August 10 to October 22, August 10 is not counted, but October 22 is counted. This helps get the cor…
Solve: Find the principal if the interest is ₹480 in 3 years at 16% per year.
Answer
Step 1: Use the formula for principal: P = (I × 100) / (R × T). Step 2: Substitute values: P = (480 × 100) / (16 × 3). Step 3: Multiply bottom: 16 × 3 = 48. Step 4: Divide: 48000 / 48 = 1000. Answer: …
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