SIMPLE INTEREST

Rate

Interest that is expressed in the decimal form of percent.

$380

Julian received $200 of birthday money. He put it in the bank which earns 15% interest. After 6 years, how much money does he have total?

$1800

Justin bought a laptop at $1500 at 4% Interest over 5 years, How much did he spend total?

$51,750

Luis already has his eye on a fancy car. If the car he picks out is $45,000 and he pays 3% interest over 5 years, how much will he pay total for the car?

$1705.36

P=$1675 r= 4.6% t = 4

$687.50

Patrick had a long weekend working at the restaurant and earned $125. He earns $30% interest for 15 years. How much money does he have total?

I = P•r•t

The simple interest formula

Time

the years (period) that money is on loan and earning interest

Final Balance

principal + interest

Principal

The initial amount of money deposited or borrowed.

$496

Alexis also received birthday money and is saving it to buy something really big. She put her $400 in the bank which gives her 6% interest and she keeps it in the bank for 4 years. How much will she have total?

$660

Emilio bought a skateboard at $600 at 5% interest over 2 years. What is his final balance?

$1468.80

Find the final balance. $1200 at 5.6% got 4 years

$484

Find the final balance. $400 at 7% for 3 years

$261

Find the interest. p = $4500 r = 5.8% t = 1 year

$59.28

Find the interest. p = $780 r = 3.8% t = 2 years

$395

Find the interest. p = $9,875 r = 2% t = 2 years

$888

Find the interest. p = 18,500 r = 0.4% t = 12 years

$30

Find the interest. p= $250 r = 4% t = 3 years

INTEREST (Paid)

The amount paid to an investor for the use of money