6. Choose “Simple Savings Calculator” Under the Picture of the Couple
Exploration Time
Work through page 10 in packet with the Chromebooks
BANKRATE.COM
Choose “Simple Savings Calculator” Under the Picture of the Couple
SKIP MIDDLE PAGES
Work through page 16 with calculators
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Up Next: Simple Interest Formula

7. SIMPLE INTEREST FORMULA
I = Prt
I = interest
P = Amount borrowed/deposited
(called “Principal”)
r = interest rate (as a decimal)
t = time (in years)

8. Use the simple interest formula to find the ending balance
Example 1:
Use the simple interest formula to find the ending balance
$2,300 at 8% for 9 years

10. Example 2:
If you borrow $368 at 5% for six years, how much will you pay back by the end of the term?

12. Example 3:
At what annual rate will $400 yield an interest of $78 after 1¹/₂ years?