The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.

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21-12-2022
Business

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The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.

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JitSen257 JitSen257 · Answer 1 · 2022-12-26T01:02:12-05:00

A trivial point about math: the rate is shown as a percentage before it is used. In the basic interest equation, you should initially switch it over completely to a decimal worth.

Remember to switch those rates over completely to decimal qualities, so for instance, 58% means one separated by 100, so we have 58 isolated by 100, and we would utilize .

What is the rate percent formula for simple interest?

The formula for calculating simple interest is as follows: SI is P R T, where P is the principal amount, R is the interest rate, and T is the time period. Here, the rate is expressed as a percentage (r%) using the formula r/100. In the case of simple interest, the principal is the annual sum that remains constant.

To learn more about decimal worth here:

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