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100 FAQ's on Basic Finance

Module Units

What is Simple Interest?

By using Simple Interest, you can calculate the interest that is payable on a loan/principal amount. It is used in sectors like banking, finance, automobile, and so on.

 

Simple interest formula is given as:     

 

                 SI = (P × R ×T) / 100
where, 
SI = simple interest
P = principal
R = interest rate (in percentage)
T = time duration (in years)

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Units 10/101