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4 December, 16:39

An equation for finding simple interest rate

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  1. 4 December, 20:38
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    See below.

    Step-by-step explanation:

    I = PRT/100 will do it.

    I = Simple interest.

    P = Principal (Intial Amount invested).

    R = Rate (as a percent).

    T = time invested.

    The above formula gives the amount of interest, If you want to find the interest rate knowing all the other values you have to solve for R:

    I = PRT/100

    100 I = PRT

    R = 100I / PT is the formula.
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