Simple Interest

R = Rate of Interest in %

P = Principal (amount borrowed)

T = Time, usually calculated as the number of years

What is the formula to calculate simple interest?

Your monthly car payment does not include interest

Interest is the amount it will cost you to borrow money

a part of the full price paid at the time of purchase or delivery with the balance to be paid later

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What is our coping skill of the day?

Your interest rate is affected by your credit score