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# Dec 17 Simple Interest

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### Dec 17 Simple Interest

1. 1. Simple things, like Interest
2. 2. Gyan invests \$5000 at a rate of 5.25% for 3 years. Calculate the amount of interest Gyan has earned. Simple Interest formula: I = P r t
3. 3. Simple Interest formula: I = P r t Where: - I is the amount of interest - P is the Principal amount invested or borrowed - r is the rate of interest shown as a decimal - t is time in years
4. 4. Jen borrows \$7000 at a rate of 18.5% for 3 months. Calculate the amount of interest Jen will pay.
5. 5. Goitom has \$10000 to invest. If he can get an interest rate of 7.75%, how long will it take for him to earn \$1200 interest?
6. 6. Sayana is planning a trip to Disney world in 7 months. She has \$5000, and has determined the trip will cost her \$6000. What interest rate must she get to have save enough money for her trip?
7. 7. Exercise 44 Omit questions 2b, 5, 6, and 8