ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is the correct calculation for simple interest?
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(Original $ Amount + Earned Interest) x Interest Rate x Length of Time = Amount Earned
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Original $ Amount x Interest Earned + Interest Rate x Length of Time = Amount Earned
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Dollar Amount x Interest rate x Length of Time (in years) = Amount Earned
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None of the above
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Explanation:
Detailed explanation-1: -To calculate simple interest, multiply the principal amount by the interest rate and the time. The formula written out is “Simple Interest = Principal x Interest Rate x Time."
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