Grades 6, 7 and 8 - Math - Middle School - Consumer Math (Calculating Simple Interest) — Flashcards | Middle School | FatSkills

Grades 6, 7 and 8 - Math - Middle School - Consumer Math (Calculating Simple Interest) — Flashcards

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There are two basic forms of interest - simple interest and compound interest.  

For simple interest the formula is:

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

The principal is the actual amount of money you borrow or put into a savings account.  

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Grace and Gwen want to go on a cruise but don’t have enough money to do so. They need $2,600.00 so they took out a small personal loan. The interest on the loan is 6.75% and they have to pay the loan back in 3 years. How much interest will they have to pay over the three years and how much will they have to actually pay back to the bank for borrowing the money?
Interest: $526.50, Total Pay Back: $3,126.50
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