
Mathematics (secondary)  Secondary/KS4/GCSE (age 1415 yrs)
Q: What is the formula for calculating the interest rate?
There are two types of interest which can be calculated using a different formula Simple Interest Compound Interest To calculate simple interest, the formula used is (PX RX T)/ 100 Where P is the principal amount, R is for the rate of interest and t is for time The formula for calculating compound interest is PX (1 + r/100) ^t
Maria
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Maria
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