Formulas for compound interest and simple interest
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Answered by
3
Answer:
simple interest formula is I = P x R x T. compound interest using the following formula: A = P(1 + r/n) ^ nt.
Answered by
1
Answer:
1)Simple interest:-
SI= PRT/100
Where, P=principal
R=rate of interest
T=time period
2)Compound interest:-
A = P (1 + r/n) (nt)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per unit t
t = the time the money is invested or borrowed for
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