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what is the formula of simple interest rate. In this formula P is the principle amount of the loan R is the interest rate which is expressed as a percentage value and T is the number of periods in time. This time period usually would be in years.
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R Rate of Interest per year as a percent. To use the simple interest formula we substitute in the values for variables that are given and then solve for the unknown variable. Get your calculator and check to see if youre right.
Where SI simple interest.
Simple interest is the total amount of interest charged by the Lender to the Borrower based upon the Principle amount taken tenure and rate of interest charged. T Time Periods involved. The formula for Simple Interest is Simple Interest Principal Interest In other words it can be written as. By inputting these variables into the formula 1000 times 10 times 3 years would be 300.
