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Interest can be calculated using the following formulas:
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Simple Interest: Simple Interest (SI) = Principal (P) × Rate of Interest (R) × Time (T) / 100
Compound Interest: Compound Interest (CI) = P × [(1 + (R / 100))^T - 1]
Where:
- Principal (P) is the initial amount of money.
- Rate of Interest (R) is the annual interest rate (in percentage).
- Time (T) is the time period (in years) for which the interest is calculated.
You can use these formulas to calculate interest, whether it's simple interest or compound interest, depending on your financial scenario.
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