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Where can find the simple mathematical formula for calculating interest?
You need to know the principal amount, the rate and the time. Then a very simply formula for calculating interest is I = PRT where P is the principal amount, R is the interest rate and T is the period of time in years.
What is the formula for finding time when using simple interest?
time= interest/principal x rate likee yeahh thats it
If you only have 1500 to invest and the highest interest rate you can find is 3 percent compounded annually and you decide to wait 4 years to go on the trip how much money will you have to spend?
Also, I have to use the formula: Use the compound interest formula A = P (1 + i)n, where A is the accumulated amount, P is the principal, i is the interest rate per year, and n is the number of years.
Is the simple interest on 2000 for 2 years is 320 then what is the interest rate?
To calculate the interest rate, we can use the formula for simple interest: I = P * r * t, where I is the interest, P is the principal amount (2000 in this case), r is the interest rate, and t is the time in years (2 years). Given that the interest is $320, we can plug in the values to solve for r: 320 = 2000 * r * 2. Solving for r, we get r = 320 / (2000 * 2) = 0.08, or 8%. Therefore, the interest rate is 8%.
The formula for computing interest on a note is principal of the note times the annual interest rate times time expressed in years?
I = (P x T x R)/100
