The simple interest formula is I = Prt (Interest = Principal * rate * time). This is one way that interest is calculated on a loan or investment.

Create a loan scenario: Tell a story about the purpose of the loan, who was involved, and explain the terms and conditions of the loan. Present your scenario to the class; make sure it includes values for three of the four variables for the simple interest formula. Do not solve the problem, but let your classmates complete the solution.

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A loan is a type of obligation caused by an individual or other element The moneylendergenerally an enterprise monetary organization or governmentprogresses an amount of cash to the borrower Consequen... View the full answer