The best way to determine percent interests is by using the simple interest formula which is given below:
S.I = Principal × Rate × Time / 100.
This is defined as the cost of borrowing money and does not include the effect of compounding.
We can get the percent interest from the simple interest formula.
Interest Rate = (Simple Interest × 100)/(Principal × Time).
This is therefore the best way to determine percent interests and is therefore the most appropriate choice.
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