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what is a formula of simple interest. P Principal Amount. N Number of time periods of loan.
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This extra money is what we call interest. Simple interest is calculated only on the original sum of money which is known as the principal. Simple Interest Formulas and Calculations.
How Do You Use the Formula for Simple Interest.
For the above calculation you have 450000 to invest or borrow with a rate of 95 percent for a six-year period of time. The calculation of simple interest is based on the following formula. I Prt 500 006 1 30. Simple Interest Formula is one of the easiest ways of calculating interest on Short term Loans and Advances and Term Loans.
