SIMPLE INTREST FORMULA EXCEL
In Excel We can find the Simple interest in very easy way. Si is a method of interest that always applies to the original principal amount, with the of interest for every time cycle. A loan is an amount that a person borrows from a bank or a financial authority to fulfil their needs.
Simple Interest Formula
Simple interest is calculated with the following formula: S.I. = (P × R × T)/100, where P = Principal, R = Rate of Interest in % per annum, and T Time in years. Sometimes, the simple interest formula is written as just SI = PRT where R is the rate of interest as a decimal. i.e., if the rate of interest is 5% then R can be written as 5/100 = 0.05.
Amount: When a person takes a loan, he/she has to return the principal borrowed plus the interest amount, and this total returned is called the Amount.