simple interest formula
Answers
Simple Interest Formula
I = Prt
Where:
P = Principal Amount
I = Interest Amount
r = Rate of Interest per year in decimal; r = R/100
R = Rate of Interest per year as a percent; R = r * 100
t = Time Periods involved
Notes: Base formula, written as I = Prt or I = P × r × t where rate r and time t should be in the same time units such as months or years.
Time conversions that are based on day count of 365 days/year have 30.4167 days/month and 91.2501 days/quarter. 360 days/year have 30 days/month and 90 days/quarter.
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Answer:
A = P (1 + rt)
A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
Step-by-step explanation:
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