Simple Interest Total
Simple Interest: Learn
When money is borrowed, interest is charged for the use of that money for a certain period of time. When the money is paid back, the principal (amount of money that was borrowed) and the interest is paid back. The amount to interest depends on the interest rate, the amount of money borrowed (principal) and the length of time that the money is borrowed.
The formula for finding simple interest is:
Interest = Principal * Rate * Time.
For example, if $100 was borrowed for 2 years at a 10% interest rate, the interest paid would be $100*0.10*2 = $20.
Be sure to read your directions carefully. If the question is asking only for the interest, you are done. However, if the question wants you to provide the total amount paid, then don't forget that you need to add back in the amount that was borrowed in the first place.
Using the same example above, that would be $100+$20 = $120.
Simple Interest: Practice
What is the total paid?
Note: Your answer should begin with a dollar sign and be rounded to the nearest cent.
What is the total payback amount for a loan of $ over years at a % interest rate?
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