Question

What is the simplest interest formula? I=p-rt I=Prt I=P+r+t

Answer 1

Answer:

I=Prt

Step-by-step explanation:

The simple interest formula is given as;

          I  = Prt

where I is the simple interest

           p is the principal

           r is the percentage rate

          t is the duration

Simple interest accrues on the principal of either a loan or an investment. This amount is payable after a duration of time.

Principal is the amount borrowed or invested in a business

Rate is the percentage commission to be paid on the amount borrowed

Time is the duration of the borrowing.