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Simple Interest Formula

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Simple Interest is the extra amount gained/paid on the principal amount for the time period at a fixed rate of interest. Check FAQs

SI Annual = \frac{P Annual \cdot r Annual \cdot t Annual}{100}

SI_Annual - Simple Interest?P_Annual - Principal Amount of Simple Interest?r_Annual - Annual Rate of Simple Interest?t_Annual - Time Period of Simple Interest?

Simple Interest Example

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With units

Only example

Here is how the Simple Interest equation looks like with Values.

Here is how the Simple Interest equation looks like with Units.

Here is how the Simple Interest equation looks like.

200 = \frac{1000 \cdot 10 \cdot 2}{100}

200 = \frac{1000 \cdot 10 \cdot 2Year}{100}

200 = \frac{1000 \cdot 10 \cdot 2}{100}

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Simple Interest Solution

Follow our step by step solution on how to calculate Simple Interest?

FIRST Step Consider the formula

SI Annual = \frac{P Annual \cdot r Annual \cdot t Annual}{100}

Next Step Substitute values of Variables

∴

SI Annual = \frac{1000 \cdot 10 \cdot 2Year}{100}

Next Step Prepare to Evaluate

∴

SI Annual = \frac{1000 \cdot 10 \cdot 2}{100}

LAST Step Evaluate

∴

SI Annual = 200

Simple Interest Formula Elements

Variables

Simple Interest

Simple Interest is the extra amount gained/paid on the principal amount for the time period at a fixed rate of interest.

Symbol: SI_Annual

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Simple Interest

Principal Amount of Simple Interest

Principal Amount of Simple Interest is the amount invested, borrowed, or lent initially at a fixed rate for a given duration of time.

Symbol: P_Annual

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Principal Amount of Simple Interest

Annual Rate of Simple Interest

The Annual Rate of Simple Interest is the percent of the simple interest paid over the principal amount for the due period.

Symbol: r_Annual

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Annual Rate of Simple Interest

Time Period of Simple Interest

Time period of Simple Interest is the number of years for which the principal amount is invested/borrowed/lent at a fixed rate of interest.

Symbol: t_Annual

Measurement: TimeUnit: Year

Note: Value should be greater than 0.

Formulas to find Time Period of Simple Interest

Other formulas in Simple Interest category

Go Annual Rate of Simple Interest

r Annual = \frac{100 \cdot SI Annual}{P Annual \cdot t Annual}

Go Final Amount of Simple Interest

A Annual = P Annual \cdot (1 + \frac{r Annual \cdot t Annual}{100})

Go Principal Amount of Simple Interest

P Annual = \frac{100 \cdot SI Annual}{r Annual \cdot t Annual}

Go Time Period of Simple Interest

t Annual = \frac{100 \cdot SI Annual}{P Annual \cdot r Annual}

How to Evaluate Simple Interest?

Simple Interest evaluator uses Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100 to evaluate the Simple Interest, Simple Interest formula is defined as the extra amount gained/paid on the principal amount for the time period at a fixed rate of interest. Simple Interest is denoted by SI_Annual symbol.

How to evaluate Simple Interest using this online evaluator? To use this online evaluator for Simple Interest, enter Principal Amount of Simple Interest (P_Annual), Annual Rate of Simple Interest (r_Annual) & Time Period of Simple Interest (t_Annual) and hit the calculate button.

FAQs on Simple Interest

What is the formula to find Simple Interest?

The formula of Simple Interest is expressed as Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100. Here is an example- 200 = (1000*10*63113904)/100.

How to calculate Simple Interest?

With Principal Amount of Simple Interest (P_Annual), Annual Rate of Simple Interest (r_Annual) & Time Period of Simple Interest (t_Annual) we can find Simple Interest using the formula - Simple Interest = (Principal Amount of Simple Interest*Annual Rate of Simple Interest*Time Period of Simple Interest)/100.

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Simple Interest Formula

Simple Interest Example

Simple Interest Solution

Simple Interest Formula Elements

Other formulas in Simple Interest category

How to Evaluate Simple Interest?

FAQs on Simple Interest

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