BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
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What is the formula for simple interest?
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I = Prt
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I = P(r+t)
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I = P(r-t)
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I = P-(r+t)
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Explanation:
Detailed explanation-1: -Explanation: The simple interest formula is given by I = PRt where I = interest, P = principal, R = rate, and t = time.
Detailed explanation-2: -Summary. This topic uses two formulas: Interest=Principal×Rate×TimeI=PRTAmount=Principal+InterestA=P+I Principal is your starting amount of money.
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