to use each term properly, the following equations will help you:
I-interest =P-principalx R-rate
P-principal=I-interestx R-rate
R-rate=I-interest XP-principal
Going back to the audience query about the interest of a Php 15,000.00 loan. payable within 12 months at 2% interest monthly, it can be coputed
as follows :
table:
Principal: Php 15,000.00
Rate: 2% monthly
2% x 12 months = 24%
Interest: ? n/a
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The answer depends on what information you do have.
The answer for rate in simple interest is =rate= simple interest\principle*time
simple interst is when you earn interest from your principal but compound interest is when you earn interest from your principal as well as from your previous interest
P*r*t divided by 100
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!
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.
the formula for simple interest is I=PRT (interest=principal x rate x time )
time(t)= interest/rate , princaple
Multiply together the capital, the interest rate (as a fraction) and the number of periods to find out the interest.
The answer depends on what information you do have.
If you are looking for an online simple interest calculator there are several sites that you can find this on. One site where you can is called Easy Calculation and will give you all the tools you need.
The answer for rate in simple interest is =rate= simple interest\principle*time
There is simple interest and there is compound interest but this question is the first that I have heard of a simple compound interest.
simple interst is when you earn interest from your principal but compound interest is when you earn interest from your principal as well as from your previous interest
P*r*t divided by 100
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!
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