Solve for:
Interest (I)
Principal (P)
Rate (R)
Time Period (t)
Where: I = Prt
Principal (P): $ 2000
Rate (R): % 40
per year
Time (t): 1 month
Time Unit:
Answer:
I = $64.00 or $ 66.67
Equation:
I = Prt
Calculation:
First, converting R percent to r a decimal
r = R/100 = 40%/100 = 0.4 per year,
putting time into years for simplicity,
1 months ÷ 12 months/year = 0.08 years,
then, solving our equation
I = 2000 × 0.4 × 0.08 = 64
I = $ 64.00The simple interest accumulated
on a principal of $ 2,000.00
at a rate of 40% per year
for 0.08 years (1 months) is $64.00 or $ 66.67
Formula:
SI [Interest] = (P x R x T) / 100
P [sum] = (SI x 100) / (R x T)
R [Rate/year] = (SI x 100) / (P x T)
T [Time] = (SI x 100) / (P x R)
Hope this helps!!!!!
