Exit Ticket for Simple Interest Lesson
The formula for simple Interest is ...
The P in the Interest formula represents the money that you end up with after interest is calculated.
If the time for the interest period is less than 1 year ...
Though the rate in the Interest formula is presented as a percentage, it must always be calculated as a/(an)
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?