Simple Interest Rate Maths

For two years the person s interest for two years will s i. The principal is the amount of money you borrow or invest. The rate of interest is the percent charged for the use of money.

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Interest principal rate of interest time.

Simple interest rate maths. When the amount of interest the principal and the time period are known you can use the derived formula from the simple interest formula to determine the rate as follows. Interest principal rate time which is also written as i p r t. For example when a person takes a loan of rs. 5000 at a rate of 10 p a.

Get your calculator and check to see if you re right. The time is the duration or the time the money is invested or borrowed in years. Simple interest s i is the method of calculating the interest amount for a particular principal amount of money at some rate of interest. Now that we have a procedure and a formula we can solve the problem above.

850 36 55 pounds886 55 the final balance after a year will be. What is simple interest and compound interest. P is the principal. Interest 4 3 of pounds850 frac 4 3 100 times 850 pounds36 55 new balance.

To buy a computer raquel borrowed 3 000 at 9 interest for 4 years. On the borrowed money. This calculator uses the following simple interest formula i. I prt becomes r i pt remember to use 14 12 for time and move the 12 to the numerator in the formula above.

R is the interest rate per year or per annum t is the loan duration period in years.