Answer:
I=Prt
Step-by-step explanation:
The simple interest formula is given as;
I = Prt
where I is the simple interest
p is the principal
r is the percentage rate
t is the duration
Simple interest accrues on the principal of either a loan or an investment. This amount is payable after a duration of time.
Principal is the amount borrowed or invested in a business
Rate is the percentage commission to be paid on the amount borrowed
Time is the duration of the borrowing.
