Formula for Calculating Interest

There are different formulas for calculating different types of interest. For example, the formula for simple interest is: I = Prt. In it, the letter I is interest, P is principle, R is rate, and T is time. The formula for compound interest M = P( 1 + i )n(exponent). The letters P and I still represent principle and interest, and M is the final amount. N is the number of years invested. For more .