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Consumer Mathematics Workbook Activity Answer Key PDF  Form

Consumer Mathematics Workbook Activity Answer Key PDF Form

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Welcome to my secret math tutor I'm going to show you how you can compute simple interest using this lovely formula right here so the way this formula works is it says that interest is equal to your principal times rate times time now when it says principal that's usually the starting amount R is the rate at which you're borrowing and T is the number of years so in my example I want to know what is the interest if you borrow 3000 dollars at nine and a half percent for five years so let's go ahead and put in our pieces and see what happens, so I want to know what is my interest my principal is the three thousand dollars multiplied by the rate and make sure you put this as a decimal we're going to borrow this money for five years all right so three thousand times point zero nine five times five when you multiply all that together you get 1425, so this amount right here is just the interest if you wanted to take this one step farther and actually figure out the total amount that you will

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