Simple Interest Formula is one of the easiest ways of calculating interest on Short term Loans and Advances and Term Loans. 8 for 5 years then at the end of the 5 th year Mr. SI P R T 100.
Here we simply have to calculate the interest amount.
In short SI PIT100. A P1 rt 100001 00758 16000. Simple Interest 5000 105 2500. Robert has to pay 67200.