## RD Sharma Solutions for Class 7 Maths Chapter 13 - Simple Interest - Free PDF Download

## FAQs on RD Sharma Class 7 Maths Solutions Chapter 13 - Simple Interest

**1. What is simple interest?**

The concepts of simple interest are very important for us to understand in real life. If a student goes through the above article, they will very easily understand the important concept of simple interest.

Simple Interest is the method of calculating the amount of interest for a principal amount at any given rate of interest.

Thus, students are able to understand what simple interest actually means. The concept of simple interest is commonly used in banks while giving loans.

**2. What are the principal and amount?**

In the chapter, the principal is a very important concept which students must understand. In order to describe principal in simple words, we can say:

The amount which is borrowed from the lender for any given time period is called the principal.

Thus, we are able to understand that principle is the sum that is borrowed by the borrower or lent by the lender during a transaction.

The amount is another important concept that students usually get confused with while solving questions on the chapter of simple interest.

In simple words we can say:

The amount is the sum of principal and simple interest. It is the actual amount paid to the lender after the given time period.

Thus, to summarise:

Amount=Principal+Simple interest

**3. What is the use of simple interest in real life?**

After studying the chapter of simple interest, students must be wondering about the real-life applications of the chapter.

It is very important for us to apply what we studied in real life to understand the true essence of a chapter.

The concept of simple interest is utilized in real-life scenarios such as businesses, loans, purchases, discounts, etc. It is very useful to have an idea about simple interests to understand how the world works.

Thus, students are able to appreciate the concepts learned in the chapter.