How do you calculate simple interest on principal?
Calculate simple interest on the principal only, I = Prt. Simple interest does not include the effect of compounding. Notes: Base formula, written as I = Prt or I = P × r × t where rate r and time t should be in the same time units such as months or years.
How do you calculate interest rate from PRT?
I = Prt. Where: P = Principal Amount. I = Interest Amount. r = Rate of Interest per year in decimal; r = R/100. R = Rate of Interest per year as a percent; R = r * 100. t = Time Periods involved. Notes: Base formula, written as I = Prt or I = P × r × t where rate r and time t should be in the same time units such as months or years.
What is the rate of interest that Rahman lent to Rasheed?
3. Rahman lent Rs. 16000 to Rasheed at the rate of 12 ½ \% per annum compound interest. Find the amount payable by Rasheed to Rahman after 3 years. Rate (r) = 12 ½ \% per annum = 12.5\%
What is the cost of 5 years of interest?
for 5 years is $ 1,937.50. Paste this link in email, text or social media. Calculate simple interest on the principal only, I = Prt. Simple interest does not include the effect of compounding. Notes: Base formula, written as I = Prt or I = P × r × t where rate r and time t should be in the same time units such as months or years.
How do you find the principal on a $500 loan?
The principal was $500. STEP 1: Convert interest rate of 2\% per 6 months into rate per year. STEP 2: Convert 9 months into years. STEP 3: Find principal by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
How much was the deposit (principal) after 9 months?
You deposit some money into a bank account paying 2\% simple interest per 6 months . You received $15 in interest after 9 months . How much the deposit (principal) was? The principal was $500.
What is the formula for calculating the rate of interest?
1 P = Principal Amount 2 I = Interest Amount 3 r = Rate of Interest per year in decimal; r = R/100 4 R = Rate of Interest per year as a percent; R = r * 100 5 t = Time Periods involved