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Author: admin | Category: Calculatrice Pret Auto | Date: 18.05.2015

This means that the Interest does not earn any extra interest on itself, it is simply generated one time only. And if Luke invests $2000 at 3% Interest per annum for three years, then the Principal is P = 2000.
If you have a lot of borrowed money, like for a housing mortgage, then even a small change in Interest Rate will cause a significant financial burden. This happens because a small percent like 0.5%, of a big number like a mortgage for $400 000 will require the owner to pay an extra $2000 Interest in the next 12 months. However it is very important to realise how this Rate multiplied by the Time in the I = PRT formula leads to much higher than expected sums of money being involved.
The Total Amount Roxanna has to repay is all of the $5550 Interest, plus the original $6000.
Excel Spreadsheets with the I = PRT formula written into them can be used for doing Simple Interest Calculations.

In some situations we need to calculate the Time that money needs to be invested to earn a certain amount of Interest.
Method 1 – Use I = PRT, substitute in the known values, and then solve the resulting Algebra Equation for T. Method 1 – Use I = PRT, substitute in the known values, and then solve the resulting Algebra Equation for R. If you would like to submit an idea for an article, or be a guest writer on our blog, then please email us at the hotmail address shown in the right hand side bar of this page. Each day Passy’s World provides hundreds of people with mathematics lessons free of charge.
This entry was posted in Math Applications, Math in the Real World, Percentages and tagged calculating simple interest, financial mathematics, how to do simple interest, Interest, loan math, Money Maths, simple interest, simple interest calculations, simple interest equation, simple interest examples, simple interest find rate, simple interest find time, simple interest formula, simple interest lesson, simple interest loans, simple interest math lesson, simple interest mathematics, simple interest powerpoint, working out simple interest. Enter your email address and click the button to subscribe to Passy's World of Mathematics.

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