The percentage of the principal that is paid over a certain period of time is called the interest rate. Interest is typically calculated over principal amount (Base Amount).
Simple Interest is considered when time period is generally less than a year. Simple interest is calculated only on principal amount and Simple interest formula is as follows
$I=\frac{\mathrm{(\; P\; \times \; n\; \times \; r\; )}}{100}$
Where
I = Interest Amount
P = Principal Amount
n = Time period
r = Rate of interest
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