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what is the formula for finding rate in simple interest. A 2-year loan of 500 is made with 4 simple. R Rate of Interest per year as a percent.
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Simple Interest Principal Interest Rate Time Period. R interest rate in percentage T time duration in years. The time period t should be given in the same time units as the interest rate.
R Rate of Interest per year in decimal.
Where SI simple interest. The interest rate r will usually be in a percent format ie. T Time Periods involved. This time period usually would be in years.
