How do you calculate simple interest?

Answer by  Valentine62 (2131)

The formula for calculating interest is I=prt. I standing for Interest, p=principal, r=rate, and t=time. To find one variable, all you need is the other three. An example is: p= 200.00 for t=2 years at r=10 percent, the simple interest calculation would be 100x2x0.10=20. Your interest is 20.00.

Answer by  tom10 (79)

Multiply the amount of money to pay interest on by the interest percentage divided by 100 and then multiply this number by the number of years of interest.