Name the three factors that determine simple interest

Question

asked Apr 16, 2022 138k views

2 Answers

Joe Yan · Answer 1 · 2022-04-16T06:29:06+0000

Explanation:

We know ,
$\boxed{ \sf{Interest = Principal * Time * Rate}}$

Looking at the formula of simple interest , the three factors that determine simple interest should be :

Principal : The money which is borrowed or deposited is called principal . It is denoted by ' P ' .
Time : The duration of time for which principal is deposited or borrowed is termed as time period. It is denoted by ' T ' .

Rate : The condition under which the interest is charged is called rate. It is denoted by ' R ' .

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