By Fatskills Exam Guides Team — the exam nerds behind 28,500+ quizzes and 2.1M practice questions across 500+ global exams.
Simple interest is I = Prt, where I is the simple interest accumulated on a principal, P, at a simple interest rate, r, per time period for t time periods.
For example, the simple interest earned on an investment of $10,000 at a 2% annual simple interest rate for 5 years is Put units that follow the word per in a denominator.
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