ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Interest = (Principal*rate*times) I = P*r*t How would this formula be setup?$8550.00 at 11% for 7 years
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I = (8550)(11%)(7)
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I = (8550)(11)(7)
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I = (8550)(0.11)(7)
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I = (8550)(1/11)(7)
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Explanation:
Detailed explanation-1: -Simple interest is calculated with the following formula: S.I. = (P × R × T)/100, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years.
Detailed explanation-2: -The formula for Simple Interest is PTR100, where. P = Principal. T = Time period in years. R = Rate of interest per annum.
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