Question

easiest way to solve simple interest

Answer 1

Step-by-step explanation:

To calculate interest:

I=Principal×Rate×Time ÷ 100

For example:

Principal=$4000

Rate = 10%

Time =8 months

I=$4000×10×8÷100

I=($4000×10×8)÷100

I=$320000÷100

I =$3200

Therefore the interest charged is $3200

Answer 2

Answer:

Simple interest is calculated with the following formula: S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years. The rate of interest is in percentage r% and is to be written as r/100.

• Principal: The principal is the amount that initially borrowed from the bank or invested. The principal is denoted by P.

• Rate: Rate is the rate of interest at which the principal amount is given to someone for a certain time, the rate of interest can be 5%, 10%, or 13%, etc. The rate of interest is denoted by R.

• Time: Time is the duration for which the principal amount is given to someone. Time is denoted by T.

• Amount: When a person takes a loan from a bank, he/she has to return the principal borrowed plus the interest amount, and this total returned is called Amount.

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