 ## Eighth grade math - Simple interest

Simple interest is the interest paid only on the original amount of money(Principal).The amount of interest is given by I = Prt, where P is the principal, r is the annual interest rate in decimal form, and t is the loan period expressed in years. In the formula for simple interest, there are 4 variables, I, P, r and t. Knowing any three of them, we can find the fourth. Simple interest calculator is used to find simple interest directly. The videos, worksheets and apps on this page will help you learn simple interest formula, calculate simple interest and solve simple interest problems

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#### How do you calculate simple interest?

Amount after adding Simple Interest can be calculated using the formula, A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.

#### How do you find the monthly interest rate?

You can calculate monthly interest rate by dividing the annual interest rate by 12

#### What is the definition of compound interest?

Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously-accumulated interest.

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