Severity: Warning

Message: count(): Parameter must be an array or an object that implements Countable

Filename: controllers/formulas.php

Line Number: 37

- 1-800-665-6601
- info@tutorpace.com

Here P is the principal amount over which interest is to be calculated

T is the time period in years

R is the annual rate at which interest is calculated

This formula is used for calculating the interest on a loan taken.

R = 6 %

T = 5 yrs

We can calculate the simple interest using the interest formula.

I = P * T * R / 100

Now we put the values in the formula we get,

I = 30,000 * 5 * 6 / 100

I = 900,000 / 100

I = 9000

Thus the interest on the given amount is $ 9000.

The interest formula is I = P * T * R / 100

On putting the values in the interest formula and solving,

I = 10,000 * 5 * 3 / 100

I = 150, 000 / 100

I = 1500

Thus we get an interest of $ 1500 on the given principal amount.