Simple interest

• Simple Interest (SI) Formula


  (P × R × T)
• Principal Amount (P)


  Initial deposit or investment
• r = rate per annum as a decimal
• P = Principal (amount borrowed)
• Simple Interest = P x r x t
• (A = Amount, P = Principal, R = Rate per annum, n = Number of times compounded per year, t = Time period)
• (P = Principal, R = Rate per annum, T = Time period)
• n = number of times the interest is compounded per year