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how to calculate a simple interest. 00083 x 2000 1660 per month. What amount of money is loaned or borrowedthis is the principal amount.
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How to calculate simple interest You figure simple interest on the principal which is the amount of money borrowed or on deposit using a basic formula. Suppose P be the principal amount R be the rate of interest per annum and n be the time in months then the formula can be written as. Now divide that number by 12 to get the monthly interest rate in decimal form.
Simple interest is calculated only on the initial amount principal that you invested.
Simple Interest Formulas and Calculations. Likewise to calculate simple interest month-wise use the number of months for t and divide the interest rate by 12. How to calculate simple interest You figure simple interest on the principal which is the amount of money borrowed or on deposit using a basic formula. Now let us see the formula to calculate the interest for months.
