Simple Interest
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Formula for Simple Interest
I = PxRxT
Compound Interest
Interest paid for principal and the interest already earned
Principal
Money borrowed or money invested
Simple Interest
Money paid only on principal, or money borrowed or invested
Total Amount
Principal + Interest = Total Amount
Rate
The percent of principal charged or earned
Time
The time that the money was invested in years. 6 months is 1/2 a year 3 months is 1/4 of a year etc.