# Simple interest

##### Intros

##### Examples

###### Lessons

**Discuss the Basic Concepts of Simple Interest**Thomas borrowed $100 from the bank, and the bank charges 10% annual interest rate on it. How much interest does Thomas have to pay after a year?

**Investigate the Advantages of Borrowing Money**Dennis borrowed $1500 with an interest rate of 10% per annum to start his business. A year later he sold his business for $3000. What is his net profit?

**Determine the Impact of Borrowing Money for More Than One Year**Hailey wants to borrow $5000 from the bank. If the interest rate is 15% annually, how much interest is she expected to be paying the bank after 3 years?

**Analyze Different Questions relating to Simple Interest**Nico is graduating high school and he decides to borrow $800 to go on a graduation trip to Las Vegas. He wants to borrow the money at a bank with an annual interest rate of 11% for 2 years.

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###### Topic Notes

$I = Prt$ where $I$ = interest, $P$ = Principal, $r$ = interest rate, $t$ = time (in years)

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