ENTREPRENEURSHIP

Detailed explanation-1: -Calculate interest amount paid in a specific time period, I = Prt. Calculate the principal amount, P = I/rt. Calculate time period involved t = I/Pr. Step 4: Most importantly, you have to make sure that your time period and interest rate are following the same parameter.

Detailed explanation-2: -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.