how the formula of simple interest was made ?
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The simple interest formula allows us to calculate I, which is the interest earned or charged on a loan. According to this formula, the amount of interest is given by I = P×r×t/100, where P is the principal, r is the annual interest rate in decimal form, and t is the loan period expressed in years.
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the rate of interest charged on the principal amount divided by hundred is known as simple interest...
p×r×t÷100
p×r×t÷100
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