Can someone assist me by writing a program that will calculate simple interest of a given amount? This will be an accrued amount which will include the principal plus interest. You can use following formulas to perform calculations:
A = P(1 + rt)
R = r * 100
Where:
A = total accrued amount (principal + interest)
P = principal amount
r = rate of interest per year (or month) in decimal; r = R/100
t = time period involved in years (or months)
As an example, suppose P = 10,000, R = 3.875% per year and t = 5 years. Then
A = 10,000(1 + (0.03875 × 5)) = 11,937.5
A = 11,937.50