You lend some amount of money to a person for a certain period of time upon the condition that the borrower pays back the amount with certain interest on the amount lent. So, in essence you are collecting a fee from the borrower for the amount you lent. In this topic we will deal with problems of this kind which is primarily concerned with the interest on the amount that is originally lent, borrowed or invested.
The first lesson in this topic is an introduction to Simple Interest with an explanation of the terminologies involved, the formula used to compute Simple Interest. The exercises contain solved question and answers on Simple Interest. When solving exercises, we recommend you to try solving the problems on your own, that way you will understand better and you can define your own approach to solving problems on Simple Interest.