R r 100. When a person takes a loan from a bank so heshe has to return the principal borrowed plus the interest amount so that the total amount returned is called Amount. When calculating simple interest by days use the number of days for t and divide the interest rate by 365.
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Finance for Non Finance Managers Course 7 Courses Investment Banking Course 117 Courses 25 Projects Financial Modeling Course 3 Courses 14 Projects So Interest Amount using simple interest rate formula will be. Total Simple Interest for 5 years 2500. P Principal Amount. The formula for this is.