what will be the rate of an amount with 30% simple interest in 1 year?
Answers
Answer:
To calculate simple interest, use this formula:
Principal x rate x time = interest.
$100 x .05 x 1 = $5 simple interest for one year.
$100 x .05 x 3 = $15 simple interest for three years.
Answer:
Simple interest is the method of calculating interest charged on the amount invested in a fixed deposit.
Understanding the Simple Interest Formula is essential to know about the basics of Finances.
Simple Interest is calculated on the principal amount on a daily/monthly/annual basis.
Principal Amount remains constant during the entire tenure on Simple Interest.
The formula for calculating Simple Interest is P x r x t ÷ 100, where P=Principal Amount, Rate of Interest & T= Time.
With a Simple Interest Calculator, you can calculate the interest without any error by saving time and efforts.