no it has to be in years so if its in moths you divide that number by 12. if you can simplify 12 and that number. if the number is repeating when you divide you put a line over what number is repeating and multiply that time by the (P) and (R).
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Simple interest is calculated: Interest= Principle X Rate X Time. In this case Interest= 20000 X .089 X 6 (72 months= 6 yrs) which equals $10680 in interest. You would owe/pay $30680 at the end of the 72 months.
The answer for rate in simple interest is =rate= simple interest\principle*time
Alright, listen up, honey. To solve simple investment problems using simple interest, you just need to multiply the principal amount by the interest rate and the time period. Add the interest to the principal, and voila, you've got your total amount. It's basic math, darling, nothing to lose sleep over.
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 I=Interest P=Pecuniary(money) R= Rate(interest) T= Time