Answer
$I=Prt$, $simple\ interest$.
Work Step by Step
The formula for calculating the interest is $I=Prt$ and we call this amount as the $simple\ interest$.
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.