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The simple formula that is used to calculate interest on a principle amount or loan is as follows:
Principal X Rate X Time = Interest Amount
In this case, Principle is the amount of loan which you are taking. Rate is the interest rate that is determined by the market. Time is the duration for which loan is being taken. And by multiplying all these three factors, you will get total interest amount on a specific loan.
Principal X Rate X Time = Interest Amount
In this case, Principle is the amount of loan which you are taking. Rate is the interest rate that is determined by the market. Time is the duration for which loan is being taken. And by multiplying all these three factors, you will get total interest amount on a specific loan.
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