Math, asked by abhilashasingh56, 1 year ago

What is the formula for calculating the interest rate?​

Answers

Answered by abc1590
1

Answer:

Divide your interest rate by the number of payments you'll make in the year (interest rates are expressed annually).

Answered by Anonymous
2

Answer:

There are two types of interest which can be calculated using a different formula

Simple Interest

To calculate simple interest, the formula used is (P × R × T)/ 100

Compound Interest

The formula for calculating compound interest is P × (1 + r/100)^t

∴ where P is the principal amount, R is for the rate of interest and t is for time.

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