1 Answer - Sort by: Date | Rating
Simple Interest Rate in financial terms is the rate at which a fixed amount accumulates per year on a sum of money lent or kept in a bank. The simple interest rate is generally expressed on a yearly basis; it can also be expressed on a quarterly, monthly or on a weekly basis.
To calculate Simple Interest the formula given below can be used
Simple Interest = P * R * T
where P is the principal or original amount lent or deposited,
R is the simple interest rate
T is the time period, which in this case is one year, for which the sum of money is lent or deposited.
For example if one lends a sum of $1000 and receives an amount of $100 as interest after one year then the simple interest rate will be 10% expressed as follows
Simple Interest Rate = R = 100 / 1000 = 0.01 = 10%
To calculate Simple Interest the formula given below can be used
Simple Interest = P * R * T
where P is the principal or original amount lent or deposited,
R is the simple interest rate
T is the time period, which in this case is one year, for which the sum of money is lent or deposited.
For example if one lends a sum of $1000 and receives an amount of $100 as interest after one year then the simple interest rate will be 10% expressed as follows
Simple Interest Rate = R = 100 / 1000 = 0.01 = 10%
0
0
- Where Is Asda Supermarkets?
- • In What Ways Are Purpose, Audience, Tone, And Content Different For Interpersonal And Business Communication? Provide Specific Examples.
- What Steps To Take To Ensure The Effective Management Of Training?
- What Are Corporate Cultural Clashes?
- What Steps To Take To Enshure The Effective Managment Of Training?
- How Is The Life Cycle Of A Tiger?
- What Does Evaluation And Conclusion Mean?
- What Is The Definition For Hypodermic?
- What Is A Sector Cue?
- What Is A Decline In Metabolism?
- What Is The US A Leading Exporter Of?
- What Is Role Of Audit In Corporation?
- Why Should Government Be Limited On How And When It Asks Questions?
- Who Was Mozart's Major Influence?
- How Do People In Yo Ville Have The Same New Items For Sell That Come Out In The Stores In Yo Ville?
- How We Can Establish Quality Culture?
- Can You Get A Grant For Starting A Laundry Business?
- How Is A Cooperative Financed?
- Describe How Have You Interacted As Part Of A Team And What Was Your Role?
- I Forgot To List An Asset In My Bk Filing, Now What?
- How Have You Helped To Deliver Excellent Customer Service In The Past?
- What External Environment Has Affected Northern Rock?
- What Printing Methods Are Suitable For Printing Information Onto A Bottle?
- What Printing Methods Are Suitable For Printing Information Onta A Bottle?
- When Was The First Electric Range Available For Sale?
- How Is Annual Percentage Rate (APR) Different From Simple Interest Rate?
- How Long Will It Take For $150 In Simple Interest At An Annual Interest Rate Of 2.5%?
- How To Determine The Simple Interest Rate For An Investment Property?
- If The Simple Interest On $800 For 3 Years Is 54. What Is The Rate Of Interest Per Annum?
- What Is The Principle For 2 Months When The Rate Is 11%, And Simple Interest Is $1250?
- How Much Interest Will Have Been Accrued On $10,000 At A Simple Rate Of 3.25% Over 3 Years?
- Principal 80,000 Rate 6/3/4 Time 1/12 Year, What Is The Simple Interest?
- What Is The Simple Interest Rate On A Loan Of $3,000.00 If $3,432.00 Was The Total Paid?

New Comment - Comments are editable for 5 min.