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what is the simple interest formula. R interest rate in percentage T time duration in years. The total amount accrued principal plus interest from simple interest on a principal of 1000000 at a rate of 3875 per year for 5 years is 1193750.
Difference Between Simple Interest And Compound Interest In 2021 Simple Interest Compound Interest Basic Math from in.pinterest.com
Loans rarely use the simple-interest calculation but those that do are auto loans and short-term. T Time Periods involved. The simple interest formula is fairly simple to compute and to remember as principal times rate times time.
Simple Interest 5000 105 2500.
Total Simple Interest for 5 years 2500. Amount due after 5 years 7500. The total amount accrued principal plus interest from simple interest on a principal of 1000000 at a rate of 3875 per year for 5 years is 1193750. Therefore Sarah owes 140 annual interest for her loan to the bank.
