The calculation of simple interest can be accomplished using the formula I=PRT. In this formula, I represents interest, P stands for the principal amount, R is the rate of interest, and T signifies time. This method is commonly applied to short-term loans or investments. It offers an easy and swift way to ascertain how much additional amount will be paid or received.
| Topic | Problem | Solution |
|---|---|---|
| None | If you deposit $2000 in a bank that pays simple i… | Step 1: Identify the principal (P), the rate of interest (r), and the time (t). Here, P=$2000, r=5%… |
| None | Question 8 of 15 , Step 1 of 1 $7 / 15$ JACQUELIN… | Given that Will financed a car for $14,000 at an APR of 3.5% for 36 months, we are to find the tota… |