Simple Interest Rate Formula In general parlance Interest refers to the additional amount paid for obtaining monetary assistance from the lender. This calculator for simple interest-only finds I the simple interest where P is the Principal amount of money to be invested at an Interest Rate R per period for t Number of Time Periods. In simple in it also written as Simple Interest rate PRT100.
R Rate of Interest per year in decimal.
The calculation of simple interest is equal to the principal amount multiplied by the interest rate multiplied by the number of periods. This calculator for simple interest-only finds I the simple interest where P is the Principal amount of money to be invested at an Interest Rate R per period for t Number of Time Periods. Always take a moment to identify the values given in the problem. In this formula P is the principle amount of the loan R is the interest rate which is expressed as a percentage value and T is the number of periods in time.