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what is simple interest what is principal what is amount what is time what is rate of interest ( questions answered ) |
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Answer» Difference between Simple Interest and Compound Interest Point of Difference Simple Interest Compound Interest Formula Simple Interest=P×r×t where: P=Principal amount r=Annual interest RATE t=Term of LOAN, in YEARS Compound Interest=P×(1+r)t-P where: P=Principal amount r=Annual interest rate t=Number of years |
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