Step-by-step explanation:
We know , [tex] \boxed{ \sf{Interest = Principal \times Time \times Rate}}[/tex]
Looking at the formula of simple interest , the three factors that determine simple interest should be :
- Principal : The money which is borrowed or deposited is called principal . It is denoted by ' P ' .
- Time : The duration of time for which principal is deposited or borrowed is termed as time period. It is denoted by ' T ' .
- Rate : The condition under which the interest is charged is called rate. It is denoted by ' R ' .
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