Simple interest

Wow! Today we had five problems which seem to take a looooong time. We learned Simple interest today. The formula is I=Prt, where I = interest, P= principal, r=rate, and t=time (expressed in years).

So here's a sample:

$425 at 5% for 10 years
I= 425*.05*10
I= 21.25*10
I= 212.50

or here's a harder one:

$1000 at 12.8% for 9 months
I= 1000*.128* .75 (which is 9 months out of 12)
I= 12.8*.75
I= $9.60

You only have five problems to do on the worksheet. Make sure you show your multiplying work- you can use a calculator to check it if you want.

Have a great night!
Ms V