Simple Interest Formula
simple interest formula is the interest calculated on the original principal for the entire period, it is borrowed or invested. It is the product of the principle multiplied by the rate and time, this may stated as the formula.
I=Prt
I=simple interest P=principal r=rate of simple interest t=time/term in years
Simple Amount Fomula
-sum of the original principal and the interest earned.
S=P(1+rt)
-where S is simple amount
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