What is interest - Definition and Meaning
Interest :
Interest is the money paid for the use of someone else’s money or assets.
Formula :
SI = PRT,
where, P – principal, R – Rate of Interest, T – Time of Period
Example :
Borrowed Money = 1000, R = 5%, T=10,
SI = 1000 * 5 * 10 / 100 = 500
Learn what is interest. Also find the definition and meaning for various math words from this math dictionary.
