Interest & hire purchase

Interest earned every year is the same because it is calculated based on the original principal.
${I = \frac{PRT}{100}}$
${I}$: interest, ${P}$: principal, $R\%$: interest rate per year, ${T}$: number of years
So, total amount will be ${P + I}$.

Interest earned every year is the **same** because it is calculated **based on the original principal.**

${I}$: interest, ${P}$: principal, $R\%$: interest rate per **year,** ${T}$: number of **years**

Simple Interest

Recall what is a Simple Interest

Recall what is a Simple Interest

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