### Formula

P

principal or sum

SI

amount of simple interest

r

the period interest rate

m

the number of time periods

P

principal or sum

SI

amount of simple interest

r

the period interest rate

m

the number of time periods

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.

SI

r

m

P

Precision

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