ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What does the “I” in the interest formula stand for?
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Principal
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Interest
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Rate
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Time
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Explanation:
Detailed explanation-1: -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)
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