What is the formula to calculate simple interest?

Simple Interest Equation (Principal + Interest)
A= P (1 + rt)
  1. A = Total Accrued Amount (principal + interest)
  2. P = Principal Amount.
  3. I = Interest Amount.
  4. r = Rate of Interest per year in decimal; r = R/100.
  5. R = Rate of Interest per year as a percent; R = r * 100.
  6. t = Time Period involved in months or years.

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