what is simple interest
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Simple interest is a quick method of calculating the interest charge on a loan.It is determined by multiplying the interest rate by the principal by the total time period.
Simple interest=P*I*N
Where:
P is the loan amount
I is the interest rate and
N is the duration of the loan.
Simple interest=P*I*N
Where:
P is the loan amount
I is the interest rate and
N is the duration of the loan.
vkniranjana1:
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Simple interest is a method of calculating the interest charge on a loan.
Its formula is
I=P×R×N
Simple interst is a method of calculating interest on a loan.its formula is SI
SI=PTR by 100 where p=principle,T=time and R=rate
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