Formula
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r
period interest rate
Isimp
simple interest
B0
initial balance
m
number of time periods
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Period interest rate(given simple interest,initial balance and time periods)
Formula description
Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money,or money earned by deposited funds.rnSimple interest is calculated only on the principal amount, or on that portion of the principal amount that remains unpaid.
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Isimp
B0
m
r
Precision
Formula code
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