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how to find simple interest rate in months. Once again use the derived formula of. Once you click the calculate button the simple interest calculator will show you.
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Youll need to convert from percentage to decimal format to complete these steps. R Annual interest rate in percentage. In this formula I is the interest P is the principal R is the simple interest rate and T is the time expressed in years or portions of a year.
With a simple interest loan your monthly payment would be 18871 assuming your interest rate doesnt change over the life of the loan.
Likewise to calculate simple interest month-wise use the number of months for t and divide the interest rate by 12. So if you want to find your interest rate for11 you have to multiply11 with 100 11 x 100. Convert 3 months into years. R r 100.
