Principal: Money that is given to a person as a loan is called principal.
Time: The amount of money lent for the day is called the time of interest.
Rate: The rate at which interest is levied is called interest rate.
Interest: When a person lends money to someone else or from the bank, after the use of funds, which he has to pay extra, it is called interest.
Simple Interest: The interest is only on principal, fixed at a single rate for a fixed time, is called simple interest.
Amount : The sum of principal and interest is called Amount.
P = Principal
t = Time
r = Rate
I = Simple Interest
A = Amount
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