Simple Interest Formula
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Simple Interest Formula
📚 Part 1: Understanding Simple Interest
Remember: Simple Interest Formula: I = P × r × n
Where: I = interest earned, P = principal (starting amount), r = interest rate (as decimal), n = number of years
P = ____________________
r = ____________________
n = ____________________
I = ____________________
5% = ______
8.5% = ______
12% = ______
🧮 Part 2: Calculating Simple Interest
Interest earned = $______
Interest to pay = $______
| Principal | Rate | Time (years) | Interest | Total Amount |
|---|---|---|---|---|
| $500 | 6% | 4 | $______ | $______ |
| $1200 | 5% | 2 | $______ | $______ |
💰 Part 3: Real-World Applications
Total amount after 18 months = $______
Option A: $2500 at 4% for 3 years
Option B: $2500 at 6% for 2 years
Better option: ____________ because ________________________________
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