I = PRT I = P x R x T nterest rincipal ate ime Simple Interest

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I = PRT I = P x R x T nterest rincipal ate ime Simple Interest When you know the principal amount, the rate and the time, the amount of interest can be calculated by using the formula: I = PRT I = P x R x T Principal: Rate of interest: Time: Sam puts $700 in a savings account that offers 4% simple interest. How much interest will he earn after two years? What will his new account balance be? nterest rincipal ate ime Amount of money you start with (in the account or the loan) For example, we have $4500.00 to invest (or to borrow) with a rate of 9.5% for a 6 year period of time. Interest = 4500 x .095 x 6 Change the % to a decimal so you can multiply Must be in years (turn portions of years into decimals)

2. Devin puts $15,000 into a savings account that offers 3 2. Devin puts $15,000 into a savings account that offers 3.5% simple interest. Calculate how much simple interest is earned in 6 months. Then calculate how much simple interest is earned in 10 years. 3. A bank offers a loans for $15,000 at an interest rate of 10 ½ % per year. How much simple interest will the bank receive on this loan over a three year period? 4. Compute the interest paid on an account containing $86.45 for 3 ¼ years if the simple interest rate is 0.2%. 5. Maria takes out a simple interest loan to buy a used car. She borrows $12,000 at 6.5% interest for 6 years. The car cost $12,000. What will be the total cost of the car after 6 years?