SIMPLE INTEREST

[hassam]

I=PRT/100
DATS THE FORMULA FOR SIMPLE INTEREST RIGHT?AND NOT COMPOUND INTEREST

 

[Zohaib Sherazi]

Formula is the same. The difference in compound interest is that the interest of each previous year is added to its principal and for the next year that amount becomes the principal !

 

[hassam]

thnx!

 

[Adham-amr]

simple interest is I=PRT/100
compounds interest is A=P(1+R%) power time in years