How Can I Find How Much Interest I Get?

By interest, it is presumed that you want to calculate simple interest. The amount of interest would be equivalent to the product of the principal, the rate of interest and the period of time upon which the interest is earned.

The principal is expressed in terms of a sum of money upon which the interest is earned. The rate of interest is either expressed as a percentage or in the form of a decimal. The time upon which the interest is earned is expressed in terms of years.

The formula is as follows: interest = principal*rate of interest*time. If the principal is 100, 000 pounds sterling, the rate of interest is eight per cent and the time is one year, the interest would be 100, 000*(8/100)*1 (or 100, 000* 0.08*1), which is 8, 000 pounds sterling.

Add Comment

Report