What Is Simple Interest In Mathematics Complete Guide

what is simple interest in mathematics. Simple interest When someone pays simple interest I he or she pays interest on the principal only not on the interest that has already been paid. R Rate of Interest per year as a percent.

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I Interest Amount. R Rate of Interest per year in decimal. To learn more about Percentages enrol in our full course now.

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Simple interest is money you can earn by initially investing some money the principal. Basically simple interest is interest paid on the original principal only while compound interest is interest paid not only on the principal but also on the interest previously earned. From the base formula A P 1 rt derived from A P I and I Prt so A P I P Prt P 1 rt Note that rate r and time t should be in the same time units such as months or years. Alex pays Interest of 1000 10 x 2 Years 200.