Question

what is interest? what is the formula of simple interest​

Answer 1

Answer:

interest is both the cost of borrowing funds & the profit that accrues to those who deposit funds in a saving account.

[ I=PxRxT ]

(simple interest formula)

Answer 2

Answer:

You can calculate Interest on your loans and investments by using the following formula for calculating simple interest: Simple Interest= P x R x T ÷ 100, where P = Principal, R = Rate of Interest and T = Time Period of the Loan/Deposit in years.