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Interest: Interest (I) - The Amount Earned For The Use of Money. I PXRXT

This document defines interest, principal, time, and interest rate for simple interest calculations. It provides examples of calculating interest earned on a savings account, determining the interest rate paid back on a loan, and calculating the number of years for a loan based on the principal, interest paid, and annual interest rate.

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Neil Constantino Martinez
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47 views

Interest: Interest (I) - The Amount Earned For The Use of Money. I PXRXT

This document defines interest, principal, time, and interest rate for simple interest calculations. It provides examples of calculating interest earned on a savings account, determining the interest rate paid back on a loan, and calculating the number of years for a loan based on the principal, interest paid, and annual interest rate.

Uploaded by

Neil Constantino Martinez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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INTEREST

Interest (I) the


amount earned for the
use of money.
I=PxRxT

I= Interest, P=Principal
R= Rate, T= Time
2. Principal- the
amount of money
borrowed.

P = I (R x T)
3. Time = the percent
of interest usually

measured in years
(annual)
T = I (P x R)
4. Interest Rate (R)
the percent of interest

R = I (P x T)

A. Ms. Tan has a deposit of


P5,000 in a savings account for

2 years.
If the bank pays
simple interest at the rate of
6%, how much interest will she
receive?

Three
Ruby
a.

years ago,
borrowed

P12,000.
If she paid
back 15,200, what was
the rate of simple
interest?

b. Laura applied for a loan


of
P8,000 at a yearly interest
of 10%. If she paid back
the credit Union P9,600,
how many years was her
loan?

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