## ICSE Class 9 Maths Chapter 2 Compound Interest [Without Using Formula] Revision Notes

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## What is Compound Interest?

The interest for a period gets added to the principal so that the interest for the subsequent period is calculated on this total amount, the amount due at the end of the period becomes the principal sum for the next period.

#### Common Terms used in Compound Interest

P = Principal or money borrowed by the borrower or money lent by the moneylender.

T = Time is the duration in years for which the money is being borrowed.

R = Rate of interest charged per hundred rupees for a year.

I = Interest is the additional money being paid by the borrower to the lender for

having used the lender’s money for a time T

I= (P×R×T)/100

A = Amount is the sum of principal borrowed and the interest due: A = P + I

### ICSE Class 9 Maths Chapter 2 Compound Interest [Without Using Formula] Revision Notes PDF