The meaning of interest rate is the amount of money that you earn (or need to pay) for each 100 units of currency which you lend (or borrow) for a period - usually of one year.
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The answer will depend on the interest rate. Multiply the annual interest rate (in percentage terms), by 10000/365
The value of something
If an amount C is invested for n years with an interest rate of r%, then the amount of interest earned is C*n*r/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!
i=prt FACT: If an annual interest rate is given, time in the simple interest formula must be expressed in terms of years.