Solving Interest Problems

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Your interest payments will be $5 per year no matter how many years the initial sum of money stays in a bank account.

This calculator can be used to solve various types of simple interest problems.

After one year you will have \$105, and after two years you will have \$110.

This means that you will not earn an interest on your interest.

Where r is in decimal form; r=R/100; r and t are in the same units of time.

It's free money that you earn just by keeping your money in a safe place.

The calculator will print easy to understand step-by-step explanation.

Click here to see a list of example problems that can be solved by using this calculator.

The formula for calculating simple interest is:where p is your principal, r is the annual interest rate expressed as a decimal, and i is the interest you have earned after the money has been invested for t years.

Example 1: You were a very thrifty and money-savvy child.


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