In this article, we will learn how to use Simple interest formula in Excel.
Calculate the simple interest amount given the present or principal amount, rate in annum & period in years.
PA : principal amount
Rate : Rate per annum
Period : Period in years
Let’s understand this function using an example.
Here we have a data set and to get Simple interest(SI) amount
We need to find the simple interest amount for the dateset.
Use the formula to get the simple interest amount
As you can see the simple interest amount for the dataset is $ 3500.
Note: Remember to keep the data in term of years.
Hope you understood how to get the simple interest amount in Excel. Explore more articles on Excel statistical function here. Please feel free to state your query or feedback for the above article.
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