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Interest I=prt

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Interest

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How much interest would you earn on $4500 at 15% simple interest for one year? What is 15% of 4500? $675

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Interest How much interest would you earn on $4500 at 15% simple interest for two years? What is 15% of 4500? $675 for one year. $1350 for two years.

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Interest How much interest would you earn on $4500 at 15% simple interest for 4 months ? What is 15% of 4500? $675 for one year. 4 months is 1/3 of a year. 675 times 1/3 is $225.

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Formula

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Interest formula I=Prt To find the interest multiply the Principle (the money borrowed or lent) by the Rate (the percent as a decimal) by the Time (in years.) I found a $1500 stereo on sale for $1000! If I finance for 25% simple interest and pay for 3 years, how much is the interest? 1000x.25x3 = 750 How much do I pay back altogether? $1750

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Interest formula I=Prt To find the interest multiply Principle x Rate x Time I found a $1500 stereo on sale for $1000! If I finance for 25% simple interest and pay for 3 years, how much is the interest? 1000 x 0.25 x 3 = #750 How much do I pay back altogether? $1750

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