Explain what is the formula for calculating interest rate
There are two types of interest which can be calculated using a different formula
Simple Interest Compound Interest
To calculate simple interest, formula used is (PX RX T)/ 100
Where P is the principal amount, R is for the rate of interest and t is for time
Formula for calculating compound interest is P X (1 + r/100) ^t
21/12/2024
0 Comments
14 View
1
LEAVE A COMMENT
*