What is the formula for calculating simple interest?
The formula for calculating simple interest is:
[ ext{Simple Interest (SI)} = P imes r imes t ]
Where:
- ( P ) is the principal amount (the initial sum of money).
- ( r ) is the annual interest rate (in decimal form).
- ( t ) is the time the money is invested or borrowed for, in years.
To use this formula, you first need to convert the interest rate from a percentage to a decimal by dividing it by 100. For example, if the interest rate is 5%, you would use 0.05 in the formula.
Once you have your values for ( P ), ( r ), and ( t ), you can simply multiply them together to find the simple interest earned or paid over that time period.
For example, if you invest $1,000 at an interest rate of 5% for 3 years, the calculation would be:
[ SI = 1000 imes 0.05 imes 3 = 150 ]
So, the simple interest earned would be $150.
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