The simple interest formula is I = Prt (Interest = Principal * rate * time). This is
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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.
Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
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