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no it has to be in years so if its in moths you divide that number by 12. if you can simplify 12 and that number. if the number is repeating when you divide you put a line over what number is repeating and multiply that time by the (P) and (R).

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Q: When you find simple interest does the time have to be in months?
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Related questions

How do you find time in simple interest?

time(t)= interest/rate , princaple


Find the formula of simple interest?

the formula for simple interest is I=PRT (interest=principal x rate x time )


What is the simple interest the rate if the interest is 1210 the principle is 15000 and the time is 11 months?

The formula for interest is I = rtP. Then r = I/tP, where t = 11/12. This calculates to a simple interest rate of 8.8 percent.


What does borrowing 20 thousand dollars at simple interest rate of 8.9 per cent for 72 months mean?

Simple interest is calculated: Interest= Principle X Rate X Time. In this case Interest= 20000 X .089 X 6 (72 months= 6 yrs) which equals $10680 in interest. You would owe/pay $30680 at the end of the 72 months.


What is the Formula for simple interest rate?

The answer for rate in simple interest is =rate= simple interest\principle*time


What is simple interest and compound interest?

Compound interest is when interest is charged on the principal plus the interest. An example is a credit card debt. If you carry a balance from month to month you are charged interest on the total amount owed including the interest from previous months. Simple interest is calculated on the amount borrowed over a fixed amount of time and does not charge interest on the interest.


What is the interest on 6282 earning 9 percent for 9 months?

You want to calculate the interest on $6282 at 9% interest per month after 9 months. The formula we'll use for this is the simple interest formula, or: I = P * r * t Where: P is the principal amount, $6282.00. r is the interest rate, 9% per month, or in decimal form, 9/100=0.09. t is the time involved, 9 months time periods. So, t is 9 month time periods. To find the simple interest, we multiply 6282 × 0.09 × 9 to get that: The interest is: $5088.42 Usually now, the interest is added onto the principal to figure some new amount after 9 months, or 6282.00 + 5088.42 = 11370.42. For example: If you borrowed the $6282.00, you would now owe $11370.42 If you loaned someone $6282.00, you would now be due $11370.42 If owned something, like a $6282.00 bond, it would be worth $11370.42 now.


How do you find the time for principal and rate?

If you are working on simple interest you have to write the equation I=p. r.t


Why do guys disappear for months at a time and then reappear?

They were interested, then lost interest. Months later the interest is renewed, and then they lose interest again, probably for the same reasons as the last time.


How do you calculate simple interest earned?

simple interest = principle (money) times the rate times the time


How the simple interest found in investment?

Multiply the principal (P) by the annual* interest rate as a decimal (r) and the time in years* (t). *The time period may be expressed in months, etc. For example, $2000 invested at 7% simple interest for 5 years: I = Prt = 2000x0.07x5 = 140x5 = $700.


How do you solve interest rate math problems?

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!


Where can find the simple mathematical formula for calculating interest?

You need to know the principal amount, the rate and the time. Then a very simply formula for calculating interest is I = PRT where P is the principal amount, R is the interest rate and T is the period of time in years.


What is the simple interest on 642 for 7 years at 11 percent per annum?

$494.34 Interest= principal amount * time* simple interest %


Draw a flow chart to calculate simple interest with 10 percent rate if time is greater than 2 yrs otherwise calculate simple interest with 5 percent?

Draw a flow chart to calculate simple interest with 10% rate if time is greater than 2 yrs otherwise calculate simple interest with 5%.


What is the amount of simple interest on 290000.00 at 5 over 10 years?

The simple interest in this case is $145,000. It is calculated by multiplying the amount by the interest rate and the length of time.


What is the formula for finding time when using simple interest?

time= interest/principal x rate likee yeahh thats it


How do you do simple interest?

I=PRT I=Interest P=Pecuniary(money) R= Rate(interest) T= Time


Calculate the simple interest on a loan of 18500 at 11 percent annual interest for 18 months?

18 months is 1.5 years, so you'll pay (1.5 x 11) = 16.5 percent of the principle at the end of that time. 16.5 % of 18,500 = (0.165 x 18,500) = $3,052.50


How do you find the original investment when given the time and interest?

Not enough information. You also need to know: * The final amount of money * Whether simple or compound interest is known


If a simple interest of 4.5 percent was paid at the end of the year then find the balance at the end of the year?

The formula for simple interest is Interest = Principal x Rate x Time ÷ 100 As the rate is an annual rate and the period is 1 year then Interest = Principal x 4.5/100. The balance at the year end = Principal + Interest = Principal x 104.5/100.


How do you find interest rate?

To find interest rate you multiply the price by the time by the percent


How do you convert simple interest to compound interest?

There is a quick and dirty way to convert simple interest to compound interest. First you need to know how long it will take to double your initial number. For Example: Let's say that you find an investment that pays 10% simple interest. That means it takes 10 years to double your investment. We then use the rule of 72 to determine the rate of compound return will give an equivalent time. The rule of 72 says that you divide either the rate of return or the time period into 72 to come up with the other. So, in this example we want to know what interest rate would double our money in 10 years. divide 72 by 10 = 7.2 This means that 7.2% compound interest is equal to 10% simple interest.


What is the interest on principal of 2.000 borrowed at 17.5 rate for 6 months?

At simple rate of interest, the figure will come out to 174.The formula for simple rate of interest calculations is i=prt where i equals the interest, p equals the principal, r equals the rate and t equals the time (in years).To calculate the interest for compound interest, visit the related link.


What is a fixed percentage of the principal paid over a specific period of time?

simple interest