# 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.

## Comments Solving Interest Problems

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Simple and Compound interest Problems and Solutions Here is a list of some basic definition and formulas to solve problems on Interest. Principal This is the sum of money lent or borrowed.…

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There are several types of interest problems. This lesson deals with solving problems where interest is compounded. There are two other types of interest word problems that are dealt with in other word problem lessons simple interest and continuously compounded interest.…

• ###### Simple Interest Calculator - WebMath
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Simple interest is money you can earn by initially investing some money the principal. A percentage the interest of the principal is added to the principal, making your initial investment grow!…

• ###### Compound Interest Calculator - WebMath
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Compound Interest Calculator. Is the secret to getting rich winning the lottery? No! Compound interest and patience are! This page will show you how your money can grow over time with compound interest. Simply fill in the blanks to the right, then click the button. What amount of money is loaned or borrowed?this is the principal amount \$ What is the annual interest rate in percent attached.…

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Simple Interest Problems Revised @ 2009 MLC page 2 of 2 3 You are tired at the end of the term and decide to borrow \$500 to go on a trip to Whatever Land.…

• ###### Compound Interest Calculator with step by step explanations
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Compound Interest Problems. This is a list of the example problems which can be solved by using this calculator. Problems with unknown interest and amount…

• ###### College algebra word problems simple interest
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Simple interest word problems refer to applications in which money is invested in an account paying simple interest rather than compounded. The relationship between principal P, interest rate r, length of time the money is invested t, and earned interest I is given by the following formula…