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Simple Interest

Last updated over 7 years ago

8 Nsɛmmisa

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1.

The formula for simple Interest is ...

I = P + r + t

Interest is equal to Principal minus Rate minus time. (I= P- R - T)

I = Pr / t

Interest is equal to Principal times rate times time. (I = P x R x T)

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2.

The P in the Interest formula represents the money that you end up with after interest is calculated.

Nokorɛ

Ɛnyɛ ampa

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3.

Though the rate in the Interest formula is presented as a percentage, it must always be calculated as a/(an)

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4.

Robert places $500.00 in the bank for 5 years at a rate of 12%. How much interest will he earn at the end of the five years?

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5.

A bank is offering 2.5% simple interest on a savings account. If you deposit $5000, how much interest will you earn in one year?

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6.

Part A: To buy a car, Jessica borrowed $15,000 for 3 years at an annual simple interest rate of 9%. How much interest will she pay after thee years?

$405,000

$4,050

$40,500

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7.

Part B: To buy a car, Jessica borrowed $15,000 for 3 years at an annual simple interest rate of 9%. What is the total amount that she will repay?

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8.

John’s parents deposited $1000 into a savings account as a college fund when he was born. How much will John have in this account after 18 years at a yearly simple interest rate of 3.25%?