R Rate of Interest per year in decimal. Amount due after 5 years 7500. I Prt becomes r IPt Remember to use 1412 for time and move the 12 to the numerator in the formula above.
I Prt becomes r IPt Remember to use 1412 for time and move the 12 to the numerator in the formula above.
Simple Interest Principal Interest Rate Time Period. The Formula for simple interest helps you find the interest amount if the principal amount rate of interest and time periods are given. When the amount of interest the principal and the time period are known you can use the derived formula from the simple interest formula to determine the rate as follows. T Time Periods involved.