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