ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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percent
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partner
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percent change
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principal
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Detailed explanation-1: -It is governed by the formula: I = Prt. where I is the amount of interest, P is the principal (amount of money borrowed), r is the interest rate (per year), and t is the time (expressed in years). The formula can also be expressed as: A = P + I = P(1 + rt)
Detailed explanation-2: -The formula for Simple Interest is PTR100, where. P = Principal. T = Time period in years. R = Rate of interest per annum. A.
Detailed explanation-3: -Simple Interest Formula Principal: The principal is the amount that initially borrowed from the bank or invested. The principal is denoted by P. Rate: Rate is the rate of interest at which the principal amount is given to someone for a certain time, the rate of interest can be 5%, 10%, or 13%, etc.