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how to derive simple interest formula. Where r is in decimal form. Thanks to all of you who support me on Patreon.
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You da real mvps. I P x r x t where I is the interest in dollars P is the principal in. Number of intervals per year x 100 plus the interest rate.
According to this formula the amount of interest is given by I Prt where P is the principal r is the annual interest rate in decimal form and t is the loan period expressed in years.
Suppose you deposit 100 in a savings account earning 3 compounded annually. Simple interest is calculated yearly on the original principal alone and the team at Investopedia gives the formula as. Use this simple interest calculator to find A the Final Investment Value using the simple interest formula. 1 per month helps.
