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what is a simple interest formula. Where SI simple interest. Simple interest formula and examples Simple interest is when the interest on a loan or investment is calculated only on the amount initially invested or loaned.
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You see 30 is the interest Sarah will receive at the end of the tenure of her fixed deposit. Simple interest is simply calculated finding the product of the principal amount borrowed or lent the rate of interest and the term or repayment period of the loan. R Rate of Interest per year in decimal.
I Prt 500 006 1 30.
Simple Interest SI is a way of calculating the amount of interest that is to be paid on the principal and is calculated by an easy formula which is by multiplying the principal amount with the rate of interest and the number of periods for which the interest has to be paid. Interest may be computed as simple interest which is calculated by multiplying the amount of money borrowed by the interest rate and the length of the loan. The simple interest formula is fairly simple to compute and to remember as principal times rate times time. The calculation of simple interest is equal to the principal amount multiplied by the interest rate multiplied by the number of periods.
