Chapter 7 Percent Worksheet With Answers Page 43
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477.5 Interest
1. Calculate simple interest
Simple Interest Formula
Interest = Principal·rate·time
or
I = P·r·t
P: principal amount, r: annual rate, t: in years
e.g.1 If $5,000 is invested for 1 year at a rate of 6%, how
much simple interest is earned?
$300
Total Amount
total amount = principal + interest
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