Simple interest on a bank loan can be calculated by multiplying the principal times the interest rate times the time. In the formula 4072-01-02-03-00_files/i0330000.jpg, what does I stand for?
+118608 I cannot see you piture but the simple interest formula is
I=Prt
I is the interest earned
P is your principal which is the amount that you invested in the first place.
r is your interest rate if it is 5% then r=0.05
and t is time If interest rate is yearly then time is also yearly.
+118608 I cannot see you piture but the simple interest formula is
I=Prt
I is the interest earned
P is your principal which is the amount that you invested in the first place.
r is your interest rate if it is 5% then r=0.05
and t is time If interest rate is yearly then time is also yearly.
