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First you figure out the Principal, then you find the interest rate and then find the Time someone gave you to pay back loaned or borrowed money.Formula: Simple Interest= Principal*Rate*TimeExample: Principal-$25,000 Interest Rate- 6.25 simple interest- 6 years$25,000 x .0625 x 6= $9375!
You would first find the percent (if it was 5% interest (for example) on a calculator you would do the amount then multiply by 5, then click the percent, by hand: you would multiply the amount you paid for then multiply by 0.05 then you would get the interest; simple math :D
Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated interest.
If an amount C is invested for n years with an interest rate of r%, then the amount of interest earned is C*n*r/100
find the interest on $4000 at 3.5% annual interest for 1 year 6 months
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Simple Interest
A simple interest calculation provides a useful estimate of what compound interest will be if it is valued. This is taught in math.
First you figure out the Principal, then you find the interest rate and then find the Time someone gave you to pay back loaned or borrowed money.Formula: Simple Interest= Principal*Rate*TimeExample: Principal-$25,000 Interest Rate- 6.25 simple interest- 6 years$25,000 x .0625 x 6= $9375!
What is the amout of interest that will be earned on an investment of $8000 at 10% simple interest for 3 years
You would first find the percent (if it was 5% interest (for example) on a calculator you would do the amount then multiply by 5, then click the percent, by hand: you would multiply the amount you paid for then multiply by 0.05 then you would get the interest; simple math :D
There are many simple interest calculators online that you can find. I found the one at http://easycalculation.com/simple-interest.php to be simple and accurate.
Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated interest.
the formula for simple interest is I=PRT (interest=principal x rate x time )
time(t)= interest/rate , princaple
If an amount C is invested for n years with an interest rate of r%, then the amount of interest earned is C*n*r/100
find the interest on $4000 at 3.5% annual interest for 1 year 6 months