Question

write the formula to find simple interest and explain the terms in it​

Answer 1

Answer:

The simple interest formula allows us to calculate I, which is the interest earned or charged on a loan. According to this formula, the amount of interest is given by I = Prt, where P is the principal, r is the annual interest rate in decimal form, and t is the loan period expressed in years.

Step-by-step explanation:

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Answer 2

Answer:

SI = $\frac{P*T*R}{100}$ / (P×T×R) ÷ 100

P = Principal, it is the amount taken by the bank

T = Time, it is the number of years the money is kept with the bank

R = Rate, it is the interest rate % per annum on the principal

SI or I = Interest, it is the extra money given to the bank (along with principal)