Simple Interest - Formula & Definition
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- (Video) Simple Interest Formula by MiniMathVideos MiniMathVideos has a great video that explains the Simple Interest Formula in under two minutes. Summary\large{\text{Summary}}S…
By Ben Ferrara, Alex Federspiel, Amy Feraco, Jonathan Heller, Anusha Rahman
- Using the Simple Interest Formula For better or worse, financial interest is an important concept in life. Let's think positively: you might invest your lottery winnings and ear…
By Hannah Bonville, Alex Federspiel, Jonathan Heller, Caroline K, Anusha Rahman
- Simple Interest Formula To calculate simple interest, simply use the following formula: I=PRTI=PRTI=PRT I= simple interest amountP= principal (starting amount)R= interest rateT=…
By Caroline K
Problems 20
- Andrew decides to save some money. His bank's saving account uses the simple interest formula. Andrew puts in 5,000 dollars and his bank has an interest rate of 4%. How much mon…
- Jane wants to put some money in a savings account. Her bank's saving account uses the simple interest formula. Jane puts in 1,200\1,2001,200, and her bank has an interest rate o…
- Ben wants to have at least 10,000 dollars in his simple interest savings account after 12 years. If Ben puts in 5,300 dollars, what is the minimum annual interest rate he needs?
- Dan put money in a bank account with an interest rate of 10%10\%10% and a principal amount of 2,350\2,3502,350. In dollars, how much money will be in it after 888 years? Write y…
- True or False\text{True or False}True or False === Using the Simple Interest Formula, if the principal amount is never changed, the total will go up by the same amount every year.
- A bank advertised that they have a savings account simple interest rate of 4%. To the nearest thousand dollars, what is the minimum principal money would someone have to put in …
- Using the simple interest formula, if a bank account has a principal amount of 1\11, a rate of 1%1\%1% and is left in the bank, how much money will be in there after 100100100 y…
- Lisa acquires 17,000\17,00017,000 total in 151515 years from an investment with an interest rate of 1.8%1.8\%1.8%. What was her starting value of money?
- Jessica and Mark each invest 4,500\4,5004,500 in their bank. If Jessica leaves her investment for eight years with an interest rate of 1.45% and Mark for 6.6 years with an inter…
- James ends up with a loan payment of 1,600\1,6001,600 after four months and an interest rate of 1.3%. How much money did he take out to begin with?
- What is the interest on a loan of 5,000\5,0005,000 after 6 years and an interest rate of 2.2%?
- What is the interest on a loan of 2,000\2,0002,000 after 18 months and an interest rate of 5%?
- What is the interest on a loan of 20,000\20,00020,000 after 10 years and an interest rate of 3.5%?
- Katie puts 13,000\13,00013,000 into a bank and wants 20,000\20,00020,000 in 15 years. What does her interest rate need to be to achieve this goal?
- Kirsten ends up with 6,560\6,5606,560 after 3 years and six months. She began with how much money if there was a simple interest rate of 2.6% per year?
- If 35\3535 in interest is gained over the course of 8 months and there was an interest rate of 5%, how much was the principal value of the loan?
- If 615.60 in interest is gained over the course of 2 years and there was an interest rate of 3.2%, how much was the principal value of the loan?
- If 93.52\93.5293.52 in interest is gained over the course of 5 years and there was an interest rate of 2.5%, how much was the principal value of the investment?
- If 390\390390 in interest is gained from a 2000\20002000 investment with an interest rate of 4.5%, for how long was the investment in the bank?
- If 20\2020 in interest is gained from a 400\400400 investment with an interest rate of 1.5%, for how long was the investment in the bank?