Question

What are the Formulas for Simple Interest?

Answer 1

Answer:

$\boxed{\sf{I=Prt}}$

Step-by-step explanation:

Here is the formula for simple interest:

$\Longrightarrow:\sf{I=Prt}$

• I stands for "interest on the original investments".

• P stands for "principal".

• R stands for "interest rate".

• T stands for "interest time".

I hope this helps you! Let me know if my answer is wrong or not.

Answer 2

Answer:

PRT/100

Step-by-step explanation:

To calculate the simple interest of a principle, use PRT/100, where:

• P = Principle
• R = Rate
• T = Time

Let's solve an example together.

Example (brainly.com/question/14162725):

Find the Simple Interest to the nearest cent. $300 at 15% for 14 months.

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Before we find the simple interest, let's convert the time into years.

⇒ 14 months = 1 year 2 months ≈ 1.17 years

To find the simple interest, we will substitute the principle ($300), rate (15%) and time (1.17 years) in PRT/100.

⇒ (P)(R)(T)/100 ⇒ (300)(15)(1.17)/100

⇒ (3)(15)(1.17)

⇒ 45(1.17) = $52.65

Thus, the interest is $52.65.