Formula
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m
number of time periods
Isimp
simple interest
r
period interest rate
B0
initial balance
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Time periods(given simple interest,period interest rate and initial balance)
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.Simple interest is calculated only on the principal amount, or on that portion of the principal amount that remains unpaid.
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Isimp
r
B0
m
Precision
Formula code
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