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how to calculate n in simple interest. A sum of money triples itself in 12 years at simple interest. This is a direct contrast to compound interest where interest is calculated and accumulated with each period of time so that you accumulate interest on interest.
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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. To calculate simple interest use this formula. Although it is easy to calculate simple interest for shorter tenors but for long consecutive years manual mechanism increases the chances of mistakes.
1 P float input Enter the principal amount.
In the future value formula n stands for the number of interest-compounding periods that occur during a specified time period. Calculating simple interest or the amount of principal the rate or the time of a loan can seem confusing but its really not that hard. The simple interest calculation is one that takes a sum of money principal and calculates regular interest on this amount only. What does n stand for in the future value formula.
