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What is the formula to calculate simple-interest?

Updated: 9/22/2023

Wiki User

∙ 11y ago

Best Answer

I = PRT where

I is the interest.

P is the principal

R is the interest rate per unit of time, expressed as a fraction (5% = 0.05 or 1/20) but not as a percentage,

T is the number of time units.

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∙ 11y ago

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