Grades 6, 7 and 8 - Math - Middle School - Business Math - Calculating Interest Per Year — Flashcards | Middle School | FatSkills

Grades 6, 7 and 8 - Math - Middle School - Business Math - Calculating Interest Per Year — Flashcards

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Calculation of interest is used in: savings accounts, car loans, mortgages, credit cards, student loans...  

The formula: I = PRT (interest equals principal, interest rate and time)

Interest is additional money earned on money that is either borrowed or that is in savings.  

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$1,519.25 at 4.87% for 3 years.
$221.97
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