Simple Interest

The simple interest formula is I=Prt. What does the t represent?

What does the "I" in the interest formula stand for?

What does the "r" in the interest formula stand for?

What does the "p" in the interest formula stand for?

Write the percent as a decimal.

4.3%

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.

True of False: Before you can calculate INTEREST your time must be in MONTHS!

Ann puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?

Rachel invested $2,700 in a savings account earning 7% simple interest. If she invests for 2 years, how much money will she have in total?

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that? Remember your time has to be in YEARS!! 6 months is half of a year or .5

How much simple interest would be earned on a savings account of $4,500 at 5.5% interest per year after 24 months?

How much simple interest would be earned on a savings account of $8,000 at 4% interest per year after 36 months?

You invest $3,000 in a bank account paying 6.5% simple interest annually. How much interest will you receive after 30 months?

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his balance after 15 years?

Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that Beyonce will pay for the chair?