How To Use Simple Interest Formula Complete Guide

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how to use simple interest formula. Using the Simple Interest Formula 1. The total payment due would be.

How To Use The Simple Interest Formula Simple Interest Homeschool Math Interesting Things
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In many simple interest problems you will be finding the total interest earned over a set period which is represented as I. Using the Simple Interest Formula 1. Get your calculator and check to see if youre right.

Interest I Principal P times Rate Per Period r times Number of Periods n Divide an annual rate by 12 to get r if the Period is a month.

I Prt becomes r IPt Remember to use 1412 for time and move the 12 to the numerator in the formula above. Interest rates are typically expressed as a percentage. This math video tutorial explains how to use the simple interest formula to solve word problems. Convert the interest rate to a decimal value.