Question

How do I calculate simple interest on a loan?

Answer 1

A simple interest on loan is one in which the interest is calculated by multiplying the principal$\left(P\right)$ the rate $R$ and the number of time periods $\left(T\right)$ and.

The formula for this is:

$\mathit{S}\mathit{I}\mathbf{}\mathbf{=}\mathbf{}\frac{\mathbf{P}\mathbf{\times }\mathbf{R}\mathbf{\times }\mathbf{T}}{\mathbf{100}}$