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what is the formula of time in simple interest. T Time period in years When calculating simple interest by days use the number of days for t and divide the interest rate by 365. Since there are 12 months in a year.
Simple Interest Solve Questions Rate Time Simple Interest Math Basic Math Math Formulas from in.pinterest.com
So now we will do the calculation this using the simple interest equation ie. I Interest Amount. T Time Periods involved.
With this adjusted to years we can now apply the formula with P 1200 and r 006.
Total Simple Interest for 5 years 2500. N Number of time periods of loan. The calculation of simple interest is equal to the principal amount multiplied by the interest rate multiplied by the number of periods. The formula for Simple Interest is Simple Interest Principal Interest In other words it can be written as.
