Formula and calculations for simple interest
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I would like to know how to work out the principal and the interest from the following information....I am working with simple interest. This is all the information given.
Maturity value: 22500.00 (s)
Time 5 Years (t)
Rate 10% (r)
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Solution Summary
This solution shows how to calculate the interest using simple interest according to the maturity value, time, and rate.
Solution Preview
For simple interest, the formula for interest is
Interest = P X R X T
Maturity value ...
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