Simple Interest aptitude tricks

Well we are all aware of calculating simple interest in our regular life and perhaps many solve this on the go,even though this post is for some one who is trying to figure out how to calculate simple interest for a loan lend or borrowed.

Terms:

Simple Interest(SI):Cash to be paid for using other's money.

Principal(P): Amount lend or Amount borrowed.

Rate of Interest(R): Interest for 1 year for 100 units of currency.

Simple Interest Tricks:
Formula:   S.I= P*T*R/100

Simple Interest Questions with solved answers;
Example 1: A banker gave a loan of 25,000 with a rate of interest 12% per annum and time period of 18 months,what is the Interest amount borrower have to pay at the end?
solution:
Time=1.5 years.
Principal amount=25,000
Rate of interest=12
Simple Interest= P*T*R/100
S.I= (25,000*1.5*12)/100
S.I=250*18=450

Example 2:
A person lend an amount of 20,000 with a rate of interest 2% per month and time period of 18 months ,what is the Interest amount borrower have to pay at the end?
Solution:
Time=1.5 years.

Principal amount=20,000
Rate of interest=24               {2% per month}
Simple Interest= P*T*R/100
S.I= (20,000*18*24)/100
S.I=864


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