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When money is borrowed, interest is charged for the use of that money for a certain period of time. When the money is paid back, the principal (amount of money that was borrowed) and the interest is paid back. The amount to interest depends on the interest rate, the amount of money borrowed (principal) and the length of time that the money is borrowed.  This is simple interest!

The amount borrowed from someone is called principle. 
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Principle is the original sum of money that we lend or we borrow.
interest-when a person lends money for 1 or more years the total amount he receives by the end of the year.
rate-the percent the one who lends money fixes and which we give as the original sum and interest.
amount-the total of interest and original sum,principle,which a person gives to the other person he did borrow.

Amount=Principal*Rate*Time/100..................(only this much)
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