Interest: Interest is the amount of money we pay for the use of some amount of money
There are two types of interests,
Algebra formula to find Compound Interest:
There are two types of interests,
a) simple interest: Simple interest is the Interest paid / compensated only on the original principal, not on the interest accrued
b) compound interest: interest means that the interest Which includes the interest calculated on principal amount
Algebra Formula to find simple interest :
Simple interest I = PRT
Where, P is the Principal amount, R is the Rate of interest, N is Time duration.
When we knows interest I we can find p, n or r using the same formula ,
Different forms of algebra simple interest formula
FV = PV (1+r)n
PV is the present value
r is the annual rate of interest (percentage)
n is the number of years the amount is deposit or borrowed for.
FV = Future Value is the amount of money accumulate after n years, including interest.
