Answer by
t123 (520)

The formula for a simple interest is ((interest rate/12) x (principal)) x period of time elapsed. For example, if you deposit $5000 with an interest rate of 20% and you want to know how much interest you've made after 3 months, it would look like this: ((.2/12) x (5,000)) x 3 = 250. In three months you'd make $250.