Simple interest

The contribution of simple interest formula in mathematical calculations has always been high. Because it is used to solve questions in both individual and competition exams. Simple interest is always used only in a few selected cases, but on the contrary, compound interest is used.

What is simple interest?

Simple interest is generally calculated only on the principal amount, or on that part of the principal which is yet to be paid. That is, when interest is charged only on the principal amount at the same rate for a certain period of time, it is called simple interest.

Particular	Symbol	Definition
Principal	P	Money which is taken or given in the form of loan. That’s called the
Time	T or t	The period for which the loan is taken or given is called time.
Rate of Interest	r or R	The rate at which interest is charged or paid is called interest rate
Amount	A	The principal amount with interest is called the amount

Simple Interest Formula

In most of the questions of interest, the timings are in the form of weeks, months, quarters, half yearly etc. The following form is used to express it simply.

Note:–

• To convert to year = divide by 12
• quarter to year = divided by 4
• Half yearly to year = divided by 2
• Week to month = divided by 4 etc.

The following formulas are used to calculate the amount, principal, time, amount and rate of interest.

Simple Interest = Amount – Principal	P = A – I
Principal = Simple Interest × 100 / Time × Rate of Interest	P = (I × 100) / R × T
Amount = Principal + Simple Interest	A = P + I
Amount = Principal × (100 + Rate of Interest times)	A = P × (100 + R)
Time = Simple Interest × 100 / Principal × Rate of Interest	T = (I × 100) / (P × R)
Rate of Interest = Simple Interest × 100 / Principal × Time	R = (I × 100) / (P × T)

You have already solved that type of problem in maths and also program it using the language. With the help of blocks, we Program to find simple interest using scratch.

Scratch Program to calculate Simple Interest

Scratch Program to calculate Simple Interest: To do this, we need to follow these steps

Step1: Simple Interest formula:

Simple interest formula is given by: Simple Interest = (P x T x R)/100 Where, P is the principle amount T is the time and R is the rate of interest

Step 2: To find the simple interest.

Input : P = 1000
        R = 0.6
        T = 5
Output :30

Step 3: Procedure

• First Define Variable: Four variables identified for this scratch program. I will list them here:

1. Principal
2. Rate of Interest
3. Time
4. Interest

• From Events, Drag green flag() block on sprite area.

• From looks block, drag a say() block stays for the specified amount of time on sprite area.
• Let it replace the value ‘hello!’ from ‘principal‘ in the say() block.
• From Variables, Drag the set() block ‘set variable to 0’ on sprite area.
• Set specified variable in set block. (eg : my variable = principal)
• From sensing, Drag Answer block in the place of 0 into set() block.
• Repeat previous 5 step for two variable (rate, time).
• From Variables, Drag the set() block ‘set variable to 0’ on sprite area.
• Set specified variable in set block. (eg : my variable = Intreset)
• From operator, drag multplication and division block in the place of 0 into set() block.
• Add variable (Principal, rate and time) into set block.

• When the green flag is clicked, the script activates.
• To run the program. You should get the following result.

Input/Output