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what is the formula to calculate simple interest. When you know the principal amount the rate and the time the amount of interest can be calculated by using the formula. Interest is found in a bunch of places.
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Simple Interest Equation Principal Interest A P 1 rt Where. For the above calculation you have 450000 to invest or borrow with a rate of 95 percent for a six-year period of time. R Rate of Interest per year as a percent.
Simple interest is simply calculated finding the product of the principal amount borrowed or lent the rate of interest and the term or repayment period of the loan.
An example of a simple interest calculation would be a 3 year saving account at a 10 rate with an original balance of 1000. Simple Interest is one of the important mathematics concepts. SI P R T 100. R Rate of Interest per year as a percent.
