Use p irt b. Bob deposits 2500 into a simple interest account.
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The principal is the amount of money.
Simple and compound interest worksheet pdf. You invest 1000 in savings account that earns 3 interest for 3 years. I prt 5 000 11 90 360 137 50 b. Create your own worksheets like this one with infinite pre algebra.
Interest is money paid or earned for the use of money. Simple and compound interest. Simple and compound interest worksheet 1 write as decimals.
Calculate interest on a 90 day 5 000 loan at 11 using a a 360 day year and b a 365 day year. What is the balance of simon s account at the end of 2 years. Simple and compound interest date period use simple interest to find the ending balance.
A13 balance in a simple interest account the balance b of an account that earns simple interest is remember b p 1 rt. The interest rate for the account is 6 15. I 5 prt use the simple interest formula.
Simple interest i 5 100 prn compound interest a 5 1 100 p r n 1 final amount i 5 a 2 p interest where p is the principal r is the interest rate per period expressed as a percentage n is the number of periods use 1 year 5 52 weeks 5 365 days. Write a function that represents the balance in the account as a function of time t. Compound interest student worksheet name simple vs.
Simple and compound interest review worksheet write a function to represent each problem situation. 1 34 100 at 4 for 3 years 2 210 at 8 for 7 years. Computing compound interest using simple interest simon deposits 400 in an account that pays 3 interest compounded annually.
A12 appendix b financial literacy lesson tutorials b 1 lesson key vocabulary compound interest p. 5 400 0 03 1 512 balance 5 p 1 prt use the. A 4 b 7 8 c 10 3 d 16 e.
Find the amount of simple interest that you would earn at the end of a 3 year period. Sarah deposits 1300 into a simple interest account. Solution mx find the balance at the end of the fi rst year.
I prt 5 000 11 90 365 135 62 unit 8 1 computing simple interest and maturity value 155 c computing simple interest loans stated in days example 5 as you can see from example 5 a 360 day year benefits.
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