answersLogoWhite

0


Best Answer

The first money lender, of course!

User Avatar

Wiki User

11y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Who invented the simple interest formula?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

what is the formula of simple interest?

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


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


How is the formula for simple interest used?

PxRxT 100


What is the formula for finding interest?

i=prt FACT: If an annual interest rate is given, time in the simple interest formula must be expressed in terms of years.


What is the formula for difference between simple interest and compound interest?

P(r/100)^2


What is the Simple Interest Formula?

I = prt where I = interest, p = principal, r = rate. and t = time in years.


What is the formula for simple annual interest?

I= Prt I=interest P=principal r=rate t=time


What is the formula for a simple compound interest rate?

Simple Interest = p * i * n p is principle and i is interest rate per period and n is the number of periods. A = P(1 + r)n is for compound interest.


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.


Suppose that you plan on investing into an account paying simple interest The formula for simple interest is I equals Prt where I is the interest earned on a investment of P dollars at the given rate?

No. I is as described for the stated period.


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.