Finite Math Examples

$p = 2000$ , $r = 3 %$ , $t = 4$

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

$i = p \cdot r \cdot t$

Simplify the right side.

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Multiply $p$ by $r$ .

$i = p r \cdot t$

Multiply $p r$ by $t$ .

$i = p r t$

Substitute the known values into the formula.

$i = (2000) \cdot (3 %) \cdot (4)$

Simplify the right side.

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Convert $3 %$ to a decimal.

$i = 2000 \cdot 0.03 \cdot 4$

Multiply $2000$ by $0.03$ .

$i = 60 \cdot 4$

Multiply $60$ by $4$ .

$i = 240$

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