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.