# The simple interest on a sum of P for T years at R% per annum is given by the formula: Simple Interest = T×P×R/100. State whether the statement is true or false

**Solution:**

Given, the simple interest on a sum of ₹P for T years at R% per annum is given by the formula: Simple Interest = T×P×R/100.

We have to determine if the given statement is true or false.

Simple interest is a method to calculate the amount of interest charged on a sum at a given rate and for a given period of time.

I = P×R×T/100

The principal is the amount that was initially borrowed from the bank or invested. The principal is denoted by P.

Rate is the rate of interest at which the principal amount is given to someone for a certain time, the rate of interest can be 5%, 10%, or 13%, etc. The rate of interest is denoted by R.

Time is the duration for which the principal amount is given to someone. Time is denoted by T.

P = Principal

R = rate of interest per annum

T = time period

Therefore, the given statement is true.

**✦ Try This: **The amount obtained for a sum of P for T years at R% per annum is given by the formula: A = P + I. State whether the statement is true or false.

**☛ Also Check: **NCERT Solutions for Class 7 Maths Chapter 8

**NCERT Exemplar Class 7 Maths Chapter 7 Problem 64**

## The simple interest on a sum of P for T years at R% per annum is given by the formula: Simple Interest = T×P×R/100. State whether the statement is true or false

**Summary:**

The given statement,”The simple interest on a sum of P for T years at R% per annum is given by the formula: Simple Interest = T×P×R/100” is true.

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