Finite Math Examples

$p = 2000$ , $r = 7 %$ , $t = 5$

Step 1

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

$i = p \cdot r \cdot t$

Step 2

Solve the equation for $i$ .

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Remove parentheses.

$i = p \cdot r \cdot t$

Multiply $p r$ by $t$ .

$i = p r t$

Step 3

Substitute the known values into the formula.

$i = (2000) \cdot (7 %) \cdot (5)$

Step 4

Simplify the right side.

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Simplify $(2000) \cdot (7 %) \cdot (5)$ .

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Convert $7 %$ to a decimal.

$i = 2000 \cdot 0.07 \cdot 5$

Multiply $2000 \cdot 0.07 \cdot 5$ .

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Multiply $2000$ by $0.07$ .

$i = 140 \cdot 5$

Multiply $140$ by $5$ .

$i = 700$

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