Simple interest maths questions
Understand the Problem
The question is asking for information or problems related to simple interest in mathematics. This typically involves calculations based on the formula for simple interest, which is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time period.
Answer
The simple interest earned is $I = 150$.
Answer for screen readers
The simple interest earned is $I = 150$.
Steps to Solve
-
Identify the variables
Firstly, determine the values for the principal amount ($P$), the rate of interest ($R$), and the time period ($T$). For example, let’s say you have:
$P = 1000$ (principal amount)
$R = 0.05$ (5% interest rate)
$T = 3$ (time in years) -
Apply the simple interest formula
Use the simple interest formula:
$$ I = PRT $$
Substituting the identified values into the formula:
$$ I = 1000 \times 0.05 \times 3 $$ -
Calculate the interest
Now perform the calculations:
First, calculate $P \times R$:
$$ 1000 \times 0.05 = 50 $$
Then multiply by $T$:
$$ 50 \times 3 = 150 $$ -
State the final result
Finally, state the calculated interest as the answer:
The simple interest earned is $I = 150$.
The simple interest earned is $I = 150$.
More Information
Simple interest is a way to calculate the interest on a principal amount over a specified period at a constant rate. It is commonly used in loans and savings accounts. The formula allows you to easily compute the interest earned or paid on a loan or investment.
Tips
- Forgetting to convert the percentage rate to a decimal (e.g., 5% should be written as 0.05).
- Not using the correct time measurement (years, months) which could lead to incorrect calculations.
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