7th Grade check Lesson 6-3E
Formula:
P= Is the principal of Money
Interest is the amount of money paid or earn for the use of money.
I= Is the Interest
P= Is the Money
r= Is the percent rate
t= Is the time
Check this Tutorial to see how simple interest is solved
Click here to see a real life problem involving Simple Interest
This tutorial will show you when "time" is given in months and not in years.
You can also check this video
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Compound Interest is paid on the initial principal and on the interest gained.
Check this Tutorial --->
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