Finite Math Examples

$p = 1000$ , $r = 2 %$ , $t = 5$

Simple interest is calculated on the original principal only. Accumulated interest from prior periods is not used in calculations for the following periods.

$i = p \cdot r \cdot t$

Solve the equation for $i$ .

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Remove parentheses.

$i = p \cdot r \cdot t$

Multiply $p r$ by $t$ .

$i = p r t$

Substitute the known values into the formula.

$i = (1000) \cdot (2 %) \cdot (5)$

Simplify $(1000) \cdot (2 %) \cdot (5)$ .

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Convert $2 %$ to a decimal.

$i = 1000 \cdot 0.02 \cdot 5$

Multiply $1000$ by $0.02$ .

$i = 20 \cdot 5$

Multiply $20$ by $5$ .

$i = 100$

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