Simple Interest Formula | MathHelp.com - By MathHelp.com
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| 00:0-1 | to solve this word problem , Let's first read the | |
| 00:02 | problem to see what it's about , How much interest | |
| 00:06 | is earned in five years on $3,000 invested at an | |
| 00:10 | interest rate of nine per year . To find out | |
| 00:14 | how much interest is earned , we use the interest | |
| 00:17 | formula Interest equals principal times rate , times time or | |
| 00:23 | I equals P . R . T . Now we | |
| 00:30 | simply fill in the formula . Remember that principle is | |
| 00:33 | the amount of money invested which in this case is | |
| 00:36 | $3,000 . So we have I equals 3000 Times the | |
| 00:45 | rate which is nine or .09 Times The Time . | |
| 00:51 | five years . Yeah So I equals 3000 times .09 | |
| 00:56 | times five . 3000 Times .09 is 270 Or 270 | |
| 01:10 | And 270 times five Is 1350 . So the interest | |
| 01:19 | earned Is $1,350 . |
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