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Simple interest
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Learn it Simple interest is paid only on the original amount: $I = Prt$ (r as a decimal, t in years). Total = P + I.
Example: $\$2{,}500$ at 4% simple interest for 3 years.
- $I = 2{,}500 \times 0.04 \times 3 = 300$.
- Total: $2{,}500 + 300 = 2{,}800$.
- $\$2{,}800$ after 3 years.
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