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About Total Interest Formula
By using the total interest formula, the percentage of principal amount can be found, and charged by the lender or bank to the borrower for use of its assets or money for the specific time period. Here, we will take a look of the total interest formula and understand all the variables mentioned. Check out the List of Maths Formulas.
What is the Total Interest Formula?
The total interest formula is a formula to find total simple interest on a principal amount at a particular rate of interest over some time. The total Interest Formula of the given value can be represented as,
- I = P x R x T
- here,
- I denote Total Interest
- P denotes the Principal amount
- R denotes the Rate of interest
- T denotes the Time period
- Total Interest Formula
- I = P x R x T
- I denote the amount of interest
- P denotes the principal amount
- R denotes interest rate in years
- T denotes the amount of time in years
Download a free pdf of Total Interest Formula Its Use And Solved Examples
