Simple interest -Upper primary mathematics
Simple interest
There is a formula for simple interest
I = PRT
where
- I = interest
- P = amount borrowed (called “Principal”)
- R = interest rate
- T = time
Interest is the amount charged on the money (Principal) borrowed from the bank in a specified period of time, T.
Example 1
A trader put sh. 50.000 in the bank for one year. If the interest Rate was 30%, how much money did he get as interest?
Example 2
John banked Shs. 150,000 on his account for 2 years at the rate of 5% simple interest. How much interest did he earn?
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Simple interest- upper primary
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