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Interest and Interest Rate Calculation
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(0:01) Understanding Concepts in Interest Rate Calculation: The principal is the initial amount of money invested, while interest is the extra amount earned based on a set interest rate, typically yearly.(0:18) How to Calculate Simple Interest (Interest Formula): Interest is calculated by multiplying the principal by the interest rate. For example, Β£100 at 5% interest results in Β£5 interest after 1 year.(2:35) How to Find Principal from Interest Earned: To find the initial investment when interest and rate are known, divide the interest by the rate (e.g., Β£30 at 5% interest implies an initial principal of Β£600).
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