There are two types of Interest, simple interest and compound interest.
Main points to remember while calculating interest
The formula for calculating simple interest is I = PNR
where I is the interest, P is the principal amount , N is the number of years and R is the rate of interest.
The formula for calculating compound interest is A = P (1+r/100)n (raise to n)
where A is the amount, P is the principal amount, 'r' , rate of interest and 'n' is the number of years.
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