SIMPLE INTEREST, Simple Interest

p=$500 r=4.5% t=84 months

$157.50

You get a student loan from the New Mexico Educational Assistance Foundation to pay for your educational expenses this year. Find the interest on the loan if you borrowed $2,000 at 8% for 1 year.

$160

r=6% t=4 years i= $73.80, what is p?

$307.50

The simple interest formula

I = P•r•t

The initial amount of money deposited or borrowed.

Principal

Interest that is expressed in the decimal form of percent.

Rate

p = 18,500 r = .4% t = 12 years

$888

r=4.5% t=2 years p=$12,000, what is the interest accrued?

$1,080

Find the interest on a loan of $2500 that is borrowed at 9% for 7 months.

$131.25

You are starting your own small business in Culpeper. You borrow $10,000 from the bank at a 9% rate for 5 years. Find the total amount you will pay on this loan.

$14,500

p=$6,800 t=16 years r=2.5%, what is the interest accrued?

$2,720

p=$2000 r=3.5% t=3year

$210

p = $4500 r = 5.8% t = 1 year

$261

p= $250 r = 4% t = 3 years

$30

p=$1250 r=7% t=48 months

$350

p = $9,875 r = 2% t = 2 years

$395

r=4.8%, p = $43,800, t=24 months,what is the interest accrued?

$4,204.80

p = $780 r = 3.8% t = 2 years

$59.28

p=$8,500 r=6.5% t=144 months, what is the interest accrued?

$6,630

A deposit of $500 in an account earns 6% simple interest. How much interest will it earn in 2 years?

$60

You borrow $600 from your parents at 4% interest for 36 months. How much interest will you pay them?

$72

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

Time

principal + interest

Final Balance

You deposit $5000 in an account that earns 5% simple interest. How long will it take you to earn $1,000 in interest?

4 years

p=$34,100 t=3 years, i=$4,092 what is the simple interest rate?

4%