what is the formula of simple interest
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Step-by-step explanation:
simple interest formula: A = P(1 + rt)
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ANSWER
SI= P x R x T
100
where P = Principal,
R = Rate of Interest,
T = Time Period of the Loan/deposit in years,
SI= Simple Interest
If the time period of loan or investment is in months, then you can use the formula as mentioned below.
Simple Interest= P x R x T ÷ (100 x 12)
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