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SIMPLE INTEREST, Simple Interest
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Simple interest formula and definition of terms
Key Concepts:
Terms in this set (18)
I = Prt
Formula used to calculate simple interest
Principal or present value
The initial amount of money deposited or borrowed.
Rate
Amount charged on money loaned or invested expressed as a percent or decimal
Time
For simple interest this is the years (period) that money is on loan and earning interest
Future value
principal + interest
$30
p= $250 r = 4% t = 3 years
$59.28
p = $780 r = 3.8% t = 2 years
$888
p = 18,500 r = 0.4% t = 12 years
$261
p = $4500 r = 5.8% t = 1 year
$395
p = $9,875 r = 2% t = 2 years
$210
p=$2000 r=3.5% t=3year
$350
p=$1250 r=7% t=48 months
$157.50
p=$500 r=4.5% t=84 months
$60
A deposit of $500 in an account earns 6% simple interest. How much interest will it earn in 2 years?
$72
You borrow $600 from your parents at 4% interest for 36 months. How much interest will you pay them?
$1,080
r=4.5% t=2 years p=$12,000, what is the interest accrued?
$6,630
p=$8,500 r=6.5% t=144 months, what is the interest accrued?
$2,720
p=$6,800 t=16 years r=2.5%, what is the interest accrued?
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