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"SIMPLE INTEREST
Simple interest – refers to the amount earned for one year calculated by multiplying the principal by the interest rate. Only the principal, no more no less, is considered for the computation of interest. This kind of interest is applied for transactions that usually last only for less than a year. It is also important to note that simple interest I is directly proportional to the principal P, interest rate r, and the term t, In symbols I = PRT.
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1. I = PRT
P= 10,000; r= 8%, t= 15 months
I= 10,000( 0.08) (15/12)
I= 1,000 is the simple interest
2. I = PRT
P= 10,000; r= 2%; t = 5 years
I= 10,000(0.02)(5)
I= 1,000
3. I = PRT
P= 360,000; r= 0; t= 0
I= 360,000(0)(0)
I = 0
4. I = PRT
P= 23, 600; r=0 ; t=0
I= 23,600(0)(0)
I = 0
5. I= PRT
P= 500,000; r= 10.5% t=0
I= 500,000 (0.105)(0)
I= 0
6. I= PRT
P= 175,000; r= 0 ; t= 0
I= 175,000( 0)(0)
I= 0
7. I= PRT
P= 880,000; r= 9.25% t= 2.5
I= 880,000(0.0925)( 2.5)
I = 203,500
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