IXL | Simple interest | 8th grade math

Scarlett
has
$50
in
a
savings
account.
The
interest
rate
is
10
%
per
year
and
is
not
compounded.
How
much
interest
will
she
earn
in
2
years?

Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

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question

Mitchell
has
$60
in
a
savings
account
that
earns
10
%
interest
per
year.
The
interest
is
not
compounded.
How
much
will
he
have
in
total
in
3
years?

Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

key idea

i = prt

i	is the interest earned

p	is the principal (starting amount)

r	is the interest rate expressed as a decimal

t	is the time in years

To find the total amount in an account, calculate the interest and then add it to the principal.

solution

Write the rate as a decimal.

0.1

Calculate the interest earned.

$60

0.1

$18

Find the total amount by adding the interest to the principal.

$18 + $60 = $78

The total amount will be $78.00.

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Lesson: Simple interest

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Lesson: Simple interest

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