Simple Interest Formula
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Simple Interest Formula
📚 Part 1: Understanding Simple Interest
Simple Interest Formula: I = P × r × n
Where: I = interest earned, P = principal (initial amount), r = interest rate (as decimal), n = number of years
P = ________________________
r = ________________________
n = ________________________
I = ________________________
5% = _______
12% = _______
3.5% = _______
🧮 Part 2: Calculate Simple Interest
Interest earned = $__________
Interest to pay = $__________
| Principal ($) | Rate (%) | Time (years) | Interest ($) | Total Amount ($) |
|---|---|---|---|---|
| $500 | 8% | 2 | _______ | _______ |
| $1200 | 4.5% | 5 | _______ | _______ |
💰 Part 3: Real-World Applications
Time needed = ________ years
Option A: $3000 at 5% for 6 years
Option B: $2500 at 8% for 5 years
Better option: ________________
Hint: Convert months to years first!
Interest earned = $__________
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