Intro
Simple Interest is the method used to calculate the interest amount earned on only the principal amount of a loan for some interest rate. It does not take into account the interest earned on accumulated interest.
Notes
Problems & Videos
Use the simple interest formula
\(\small{\textbf{1)}}\) \(p= $300 \,\,\) \(r=4\% \,\,\) \(t=3\) years \(\,\,\) \(I=\,?\) The answer is \($36.00\)
\(\,\,\,\,\,\,I=prt\)
\(\,\,\,\,\,\,I=(300)(.04)(3)\)
\(\,\,\,\,\,\,I=36\)
\(\,\,\,\,\,\,I=prt\)
\(\,\,\,\,\,\,I=(300)(.04)(3)\)
\(\,\,\,\,\,\,I=36\)
\(\small{\textbf{2)}}\) \(p=2000 \,\,\) \(r=3.5\% \,\,\) \(t=9\) months \(\,\, I=\,?\) The answer is \($52.50\)
\(\small{\textbf{3)}}\) \(I=30 \,\,\) \(r=4\% \,\,\) \(t=2\) years \(\,\, P=\,?\) The answer is \($375\)
\(\small{\textbf{4)}}\) \(p=4000 \,\,\) \(r=5\% \,\,\) \(I=$400\) \(\,\, t=\,?\) The answer is \(2\) years
\(\small{\textbf{5)}}\) \(p=1000 \,\,\) \(I=300 \,\,\) \(t=3\) years \(\,\, r=\,?\) The answer is \(10\%\)
\(\small{\textbf{6)}}\) How long would it take \($350\) to grow to \($455\) with \(2\%\) simple interest? The answer is \(15\) years
\(\small{\textbf{7)}}\) If your money doubles in \(20\) years, what is the annual simple interest rate? The answer is \(5\%\)
See Related Pages\(\)
\(\bullet\text{ Simplifying Expressions (Combine Like Terms)}\)
\(\,\,\,\,\,\,\,\,3x+5-2x+8=x+13…\)
\(\bullet\text{ Evaluating Expressions}\)
\(\,\,\,\,\,\,\,\,2x+5 \text{ when } x=3…\)
\(\bullet\text{ Multiplying with Negative Numbers}\)
\(\,\,\,\,\,\,\,\,(-3)(4)=-12…\)
\(\bullet\text{ Adding and Subtracting with Negative Numbers}\)
\(\,\,\,\,\,\,\,\,3-8=-5…\)
\(\bullet\text{ Andymath Homepage}\)
