About Lesson
In ICSE Class 7 Mathematics, the concept of Simple Interest is introduced to help students understand the basics of interest calculation. Simple Interest is calculated as a percentage of the principal amount over a certain period of time. Students learn how to calculate the Simple Interest using the formula: ( text{Simple Interest} = frac{P times R times T}{100} ), where P is the principal amount, R is the rate of interest per annum, and T is the time in years. Through various examples and problems, students learn how to apply this formula to find the Simple Interest for different scenarios, helping them develop their understanding of basic financial concepts.