What is the formula to find the Simple interest on a certain amount for a given period of time? *
Option I = PTR
I = PTR/100
I = PIR/100
I = 100/PIR
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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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