Question

Explain what is the formula for calculating interest rate?

Answer 1

There are two types of interest which can be calculated using a different formula

Simple Interest

Compound Interest

To calculate simple interest, formula used is (PX RX T)/ 100

Where P is the principal amount, R is for the rate of interest and t is for time

Formula for calculating compound interest is P X (1 + r/100) ^t

Answer 2

Commutative laws say we can swap numbers, and you still get the same number when you add, for example, a+b = b+a and same for multiplication.

Associative laws say it does not matter how we group the number final value will remain the same, for example, (a+b)+c = (a+b)+c , and same for multiplication

Distributive laws say that we can have the same answer while multiplying a number by a group of numbers added together or multiplying them separately and then add them, For example, a x ( b+c) = axb + bxc