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How is the formula of sum of principal and interest = principal ×( 1+ interest rate × number of periods) derived? What does 1 stand for here?
1 stands for principal, and interest = principal * interest rate * number of periods, then the sum of principal and interest = principal ×( 1+ interest rate × number of periods).

Tips: The above contents are for reference only.

Reply time: 2021-11-26. Please refer to the latest business changes announced by Ping An Bank in official website.

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