How Do You Use the Formula for Simple Interest?

How Do You Use the Formula for Simple Interest?

Note:

If you already have a bank account or if you plan to have one in the future, then this tutorial is a must see! Follow along as this tutorial goes through a word problem involving simple interest.

Keywords:

  • problem
  • word problem
  • word
  • translate
  • translate words to algebra
  • simple interest
  • interest
  • percent
  • interest rate
  • solve
  • equation

Background Tutorials

  • Find a percent of a quantity as a rate per 100 (e.g., 30% of a quantity means 30/100 times the quantity); solve problems involving finding the whole, given a part and the percent.

      • How Do You Turn a Percent into a Decimal?How Do You Turn a Percent into a Decimal?

      How Do You Turn a Percent into a Decimal?

      Percents and Decimals are just tools that let us represent numbers, and that is why percents can be converted into decimals, and decimals can be converted into percents. In this tutorial you'll see how quickly you can convert percents into decimals!

  • Evaluate expressions at specific values of their variables. Include expressions that arise from formulas used in real-world problems. Perform arithmetic operations, including those involving whole-number exponents, in the conventional order when there are no parentheses to specify a particular order (Order of Operations).

      • What is a Variable?What is a Variable?

      What is a Variable?

      You can't do algebra without working with variables, but variables can be confusing. If you've ever wondered what variables are, then this tutorial is for you!

  • Use proportional relationships to solve multistep ratio and percent problems.

      • What is the Formula for Simple Interest?What is the Formula for Simple Interest?

      What is the Formula for Simple Interest?

      Interest is found in a bunch of places: savings accounts, mortgages, loans, investments, credit cards, and more! Watch this tutorial and learn how to calculate simple interest!

  • Give examples of linear equations in one variable with one solution, infinitely many solutions, or no solutions. Show which of these possibilities is the case by successively transforming the given equation into simpler forms, until an equivalent equation of the form x = a, a = a, or a = b results (where a and b are different numbers).

Further Exploration

  • Use proportional relationships to solve multistep ratio and percent problems.

      • What is the Formula for Simple Interest?What is the Formula for Simple Interest?

      What is the Formula for Simple Interest?

      Interest is found in a bunch of places: savings accounts, mortgages, loans, investments, credit cards, and more! Watch this tutorial and learn how to calculate simple interest!