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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.

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Q: Where can find the simple mathematical formula for calculating interest?
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Related questions

When calculating simple interest you should first?

When calculating simple interest, you should first


Definition of simple interest?

Simple interest is a term that is used for quickly calculating the interest charge on a loan.


what is the formula of simple interest?

The formula for simple interest is: A=P(1+rt)


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What is simple interest?

Simple interest does not compound. In other words, If you start off with $500 and get $5 in interest, the $5 you got in interest will not be included when calculating the amount of interest you will get next year. Simple interest can be calculated by the formula i = prt, where i is the amount of money earned from the interest, p is the principle (starting money), r is the rate (as a decimal,) and t is the time in years. Another formula is used to calculated the accumulated amount: A = p(rt + 1), where A is the accumulated amount.


Find the formula of simple interest?

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


What is the Formula for simple interest rate?

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


What should you do first when calculating simple interest?

change the percent to a decimal


What is k x p x t r x 100 x 365?

It is an algebraic expression. It resembles the formula for calculating the simple interest, but there are several discrepancies.


How is the formula for simple interest used?

PxRxT 100


How many years does steven need to invest his 3000 at 7 percent tp earn 210 in simple interest?

Answer : 1 year The formula for calculating simple interest is I = PRT/100, where I = Interest, P = Principal Amount, R = Rate of Interest, T = Time. Then, 210 = 3000 x 7 x T/100 : 21000 = 21000T : Then T = 21000/21000 = 1


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