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how to calculate simple interest math. To calculate compound interest work out the interest for the first period add it on and then calculate the interest for the next period etc. Determine the total amount borrowed.
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Interest is paid on the total amount of money borrowed also known as the. 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. Simple Interest Formula P Principal Amount I Interest Amount r Rate of Interest per year in decimal.
To calculate simple interest use this formula.
Get your calculator and check to see if youre right. Suppose you give 100 to a bank which pays you 5 simple interest at the end of every year. Simple interest is calculated only on the initial amount principal that you invested. Simple Interest for n months P n R 12 100.
