Math Teacher Question:
Tell me what is the formula for calculating interest rate?
Answer:
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
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
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