WRITE
ALGORITHEM
INPUT p,r and t and calculate simple interest
INTERÉSZ
AND ť
AND CALCULATE
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Answer:
What is ‘Simple Interest’?
Simple interest is a quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
Simple Interest formula:
Simple interest formula is given by:
Simple Interest = (P x T x R)/100
Where,
P is the principle amount
T is the time and
R is the rate
Explanation:
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