BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the amount of money borrowed or deposited
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the percent interest for his year
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the amount taxed
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the amount the bank owes you for being a customer at their bank
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Detailed explanation-1: -The simple interest formula allows us to calculate I, which is the interest earned or charged on a loan. According to this formula, the amount of interest is given by I = Prt, where P is the principal, r is the annual interest rate in decimal form, and t is the loan period expressed in years.
Detailed explanation-2: -The P represents the principle. The principle is the amount the bank owes you for being a customer at their bank O the amount taxed the amount of money borrowed or deposited O the percent interest for his year.
Detailed explanation-3: -Simple Interest is calculated using the following formula: SI = P × R × T, where P = Principal, R = Rate of Interest, and T = Time period. Here, the rate is given in percentage (r%) is written as r/100. And the principal is the sum of money that remains constant for every year in the case of simple interest.