Simple interest

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Intros
Lessons
1. Introduction to Simple Interest
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Examples
Lessons
1. 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? 1. 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? 1. 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?

1. 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.

1. Find the interest he will pay on the loan.
2. How much will he have to pay the bank at the end of the two years?
Topic Notes
$I = Prt$ where $I$ = interest, $P$ = Principal, $r$ = interest rate, $t$ = time (in years)