Podcast
Questions and Answers
In calculating simple interest, what does the 'amount' refer to?
In calculating simple interest, what does the 'amount' refer to?
What is the formula to calculate simple interest?
What is the formula to calculate simple interest?
If the principal is $1000, the rate is 5%, and the time is 2 years, what is the simple interest earned?
If the principal is $1000, the rate is 5%, and the time is 2 years, what is the simple interest earned?
Study Notes
Simple Interest
- In calculating simple interest, the 'amount' refers to the final amount of money accumulated after interest has been added to the principal.
Calculating Simple Interest
- The formula to calculate simple interest is: Simple Interest (SI) = Principal (P) x Rate (R) x Time (T)
Example Problem
- If the principal is $1000, the rate is 5% (or 0.05), and the time is 2 years:
- The simple interest earned can be calculated using the formula: SI = $1000 x 0.05 x 2 = $100
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Description
Test your knowledge of comparing quantities with this quiz focusing on amount, principal, and interest-based questions. Challenge yourself with a variety of mathematical scenarios and enhance your understanding of these key concepts.
