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Simple Interest ((Calculate Interest, solve for I, I = Prt, Calculate…
Simple Interest
Calculate Interest, solve for I
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Calculate Principal Amount, solve for P
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Calculate rate of interest in decimal, solve for r
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Calculate time, solve for t
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First, converting R percent to r a decimal
r = R/100 = 3.875%/100 = 0.03875 per year,
then, solving our equation
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on a principal of $ 10,000.00
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for 5 years is $ 1,937.50.
This calculator for simple interest-only finds I, the simple interest where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods. Where r is in decimal form; r=R/100. r and t are in the same units of time.