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Money in a piggy bank stays the same. Money in a bank savings account earns interest — the bank pays you for keeping it there. With simple interest, I = P × R × T ÷ 100, where P is the money put in, R the rate per year and T the years.
✓ You passed this lesson’s test.
P × R × T ÷ 100 — “principal × rate × time in years, divided by 100”
Use it for: Understanding savings accounts, comparing a piggy bank with a bank, and simple interest in Class 7–8.
🧮 Check your own sums with the free Simple interest calculator — it shows the working.
Check: One year gives 4% of 1500 = 60, and 3 × 60 = 180 ✓
▶ Watch it animatedWork it out in your head or on paper, type the answer and press Check. Stuck? Press “Show me how”.
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20 sums. Check each answer, then go to the next one. Get 16 or more right to pass.
🏅 Sign in with Google to earn the 🏦 Interest Earner badge when you pass — and a certificate when you finish all 10 lessons of Part 3 · Money sense. You can still take the test without signing in.
Why does it work? When should you use it? Ask in English, मराठी or हिंदी.
Sign in with Google to ask Free — 20 questions a day.
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