The formula for finding interest?

Question

The formula for finding interest?

Answer 1

Simple Interest is principle x rate x time. Time is listed in years and rate is the %.  Example:

Principle $100 at 5% interest for 6 months.

Interest = 100 x .05 x 1/2  (Use 1/2 because 6 months is half a year and time must be expressed in terms of years.

Answer = $2.50

Answer 2

Simple interest= principal amount * rate* time

Compund interest= Principal amount* (1+decimal of rate) to the power of time

Answer 3

I=PRT