What is the Formula to Calculate Interest?

The formula to calculate the simple and compound interest are given below:

Simple Interest Formula:

Simple Interest (S.I) = PTR/100

Where,

SI is the simple interest

P is the principal amount

T is the time period in years

R is the interest rate

Compound Interest Formula:

Compound Interest (CI) = P[1+(r/n)]t – P

Where

CI is the Compound interest

r is the rate of interest

t is the time period in years

n is the compounding frequency per annum

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