Question

anybody know about simple interest?

Answer 1

what do you need?

Answer 2

can you show me how to do simple intrest

Answer 3

$970 at 4 1/4 simple interest for 2 years

Answer 4

41/4 = 4.25 ?

Answer 5

yes

Answer 6

so it's 4.25% per month?

Answer 7

yes

Answer 8

the formula is P(1+rt), where P is the initial principle $970, r is the rate 4.25% or 0.0425 and t is the period 2 years = 24 months

Answer 9

4.25% per month is 0.0425
4.25% per year would be 0.0425/12

Answer 10

so yuo divide it?

Answer 11

you*

Answer 12

per year you divide by 12, per month you don't

Answer 13

http://www.youtube.com/watch?v=r3-lyBGlJ98

Answer 14

I=Prt

P=original amount invested
r= stated interest rate as a % per year
t= time in years