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Solve Simple Interest Problems with Practical Examples

Learn how to calculate simple interest and loan amounts with common scenarios. Discover how to work backwards to find interest rates or time periods. Practice using real examples for better understanding.

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Solve Simple Interest Problems with Practical Examples

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  1. 1. Warmups 2. Check HW Find (a) the simple interest and (b) the amount paid for the loan. • $12,000 borrowed at 4.9% for 4 years. • $18,500 borrowed at 19.9% for 180 months.

  2. 4.4 Continued:Working backwards to find r or t in I=Prt

  3. Find the interest rate How to: Normally in I =Prt, we multiply to find the interest. So, when working backwards, we divide. Example 1: Find the simple interest rate if I=$116.25, P=$1550, and t=9 months.

  4. Find the time. Divide! Example 2: Find the time if the interest earned is $45.60, the principal is $2400, and the interest rate is 3.8%.

  5. Try it yourself (from page 182)

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