Simple interest formula is given as. If they say that Bob gave Jeff 30 football cards for a month but after that month Jeff will have to give Bob 2 extra cards whats the annual simple interest rate. As the annual Interest is to be calculated the time period T 1.
Plugging these values in the simple Interest formula I P x T x R.
For the above calculation you have 450000 to invest or borrow with a rate of 95 percent for a six-year period of time. Let the principal amount be equal to P. Improve your math knowledge with free questions in Simple interest and thousands of other math skills. As the annual Interest is to be calculated the time period T 1.