T Time Period involved in months or years. The Formula for simple interest helps you find the interest amount if the principal amount rate of interest and time periods are given. Lets look at the quantities in the problem statement.
Where SI simple interest.
R Rate of Interest per year as a percent. After 6 years the balance increases by 60. About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy Safety How YouTube works Test new features Press Copyright Contact us Creators. P is the principal the amount money borrowed or invested r is the interest rate per year or per annum n is the loan or investment duration in years.