Simple Interest Formula I = PRT | Solve Word Problems | Examples | Eat Pi
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- Опубліковано 21 лип 2024
- In this video, I teach you how to solve simple interest problems by using the formula I = PRT. I go over a few different word problem examples.
I = Interest
P = Principal
R = Rate
T = Time
0:00 - Introduction
0:37 - Find the simple interest earned after 3 years on $500 at an interest rate of 6%
2:26 - Find the principal invested if $178 of interest was earned in 2 years at an interest rate of 4%
5:16 - Find the rate if a principal of $8,200 earned $3,772 interest in 4 years
There are a couple playlists attached at the end of the video if you need help with any other topics.
If you have any questions, please leave them in the comment section below! Also, if you find the videos helpful, please like, share, and subscribe!
Thanks a lot but what if the time is 3 years and 6 months?
Great question! You would have to convert the months to years. There's 12 months a year. You have 6.
So 6 out of 12 (or 6÷12) is = 0.5
So your TOTAL time would be 3 + 0.5 = 3.5 years 👍
@@Eat_Pi Thank you so muchhhh😭❤️
@@jeicelortega5976 lmao 😂 anytime!
Its always like that, and it f* frustrating
@@Eat_Piwhere did you get the 3 from?
oh my god THANK YOU SO MUCH!!!!!! you have no idea how much ive been struggling on this. ive loved your vibe since the first second, you really are an amazing teacher!!!!
@claugzs Thanks that's so nice of you to say! 😭 and I hope I can keep being helpful 😄
Wow omg this literally helped me so much. Thank you for spending your time doing this. Math is challenging for me but this really helped for my test Tommorow. Keep making these videos, they help so many people. Thanks again!
Thank you for the kind words! Definitely going to keep making more as long as people find them helpful, so let me know if there's anything else I can help you out with! 👍
I just came across your video and I like to thank you for dreaming such an easy to understand math topic. You really make it so simple and right to the point. I'm 60 and I'm so delighted to learn math again....
Wow, that's incredibly nice of you! I'm so glad the video was helpful and that you're getting a refresher on a lot of these topics!
This was so helpful! Thank you so much and keep uploading (U just earned a sub)
I'm glad it was helpful, and thank you that means a lot! 🙏
Bro thanks a lot. I was like stuck and I searched up how to do this and this popped up. Keep up the good work 👍
I'm glad it was helpful and I will thanks! :D
thank u sm
You're welcome! And I'm so glad to hear it makes sense now! 😁
I love how this man explains it better than my teacher
Lol I appreciate that!
@@Eat_Pi you genuinely want to help people meanwhile teachers spend 0 effort to teach
@@corbinclark8805 I don't think all teachers are like that but I'm glad I can help out however I can 🙏
@@Eat_Pi let me rephrase that youtubers are way more patient and explain every little detail to make sure everyone understands it while teacher's put a lot of effort they're working for hours on end and its in real time unlike a video where you can make sure you explain it perfectly cut out the parts you need to and If that video doesn't help you can watch a different one
@@corbinclark8805 that's well said! I also think it's tough seeing a new topic for the first time, so watching videos afterwards normally fills in the blanks/helps everything click. It can even be helpful to watch them right before u go over a new topic, that way you know what to expect in class. That was actually something that helped me a lot in college, so I hope I can help you guys in the same way 😄 lol
Thanks, dude. I have my math exam tomorrow and haven't learned anything; this video was easy to understand thankfully!
You're welcome, I'm happy to help! I hope you crushed that exam like a friggin genius 😎
i'm studying for the asvab and you just explained all of this so well in 5 minutes
That's great to hear, and good luck on your test! 👍
Same
Excellent explanation, even elementary students can now understand it. Thank you.
I appreciate that, I try to explain step-by-step. And you're welcome! 👍
This man is the goat bro he just explained everything to me in 1 minute now I’m so confident I can get a 100 today
That means a lot! And I love the confidence, go kill it today you friggin genius 😎
You explained this better than my math teacher
I'm glad it made sense! 🙏
ThankYou!! This was very helpful
You're very welcome!
thank you so much sir you really helped me a lot to help some other kids to understand math in easy way you are one of the best teachers on you tube thanks again
Thank you so much for the kind words, I'm so happy I could help!
This has helped me for my mathematical EOC love it wowzer ! ❤️😍🥰
That's so great to hear! I'm glad it was helpful 🙏
Thank you soooooo much! This was very helpfull!( I suck at math, and you made it very easy to understand!)
Math is definitely tough for EVERYONE at times so don't let it get you down, keep working at it! And I'm so happy I could help!
Jazakallah sir
..
Thank u so much for helping me with my homework
You're very welcome 😃 I'm glad it helped!
thank u, this actaully helped, i dont pay much attention in virtual school
Lmao 😂 yeah I can see how that can be a drag, but I'm glad I could help!
This guy is a serious life saver, thanks a lot.
U r so welcome FrostBight :D
Thank you it real real help alot
You're welcome!
Tysm saved me so much time!
You're welcome!
thank u so much !!
You're so welcome!
Thanks man I got recommended this video by my teacher is it was great to learn this because I struggle with financial math
It means a lot to hear that, and I'm glad I could help! If you need help with anything else, don't hesitate to ask 👍
Thank you so so so much you saved me
No problem, saving lives is what I do lol
Thank you very much😍
You're welcome very much! :D
What about if the rate, interest and maturity value is given in the problem and asking for the value of principal and time?
To find Principal, solve the equation in terms of P. In other words, get the 'P' by itself on one side of the equal sign:
P = I ÷ (RT)
To find Time, solve for T:
T = I ÷ (PR)
When I was doing my geometry test this formula suddenly popped up and I was so confused because I didn’t learn it yet. Well there goes some points off but ig I can learn this now.
oh no that sucks! But better late than never :D lol
Thank you so much, this video really helped.
That's great and you're welcome!
Thank you
Anytime! 😃
hey man, if you made a video on how to calculate the HCF and LCM of a number, and how to calculate the VAT of something, please link it for me🙏 thanks
Hi thanks for the request! Here's the links -
LCM:
ua-cam.com/video/slot1dEQbxg/v-deo.html
ua-cam.com/video/1XiSdKBWI48/v-deo.html
GCF/HCF:
ua-cam.com/video/XFtId_Bq7m0/v-deo.html
Sales Tax/Tax Rate:
ua-cam.com/video/7gbZn9xOgwo/v-deo.html
We don't use the term "VAT" here in the U.S. but its just a tax:
The cost of something before applying taxes is the same as "excluding VAT".
The cost of something PLUS the tax is the same as "including VAT".
If you still need something specifically with VAT just let me know. Good luck! 👍
@@Eat_Pi thank you so much
@@Eat_Pi eh- i forgot to add- i live in south africa, so here it's called VAT=Value Added Tax
Thanks so much man Im not getting 0 on my test no more thankssss❤❤❤😅
Lmao happy to help go ACE that test or get at least a C-, whatever works 🙏😆
@@Eat_Pi Hey I did alright not gonna lie I got 80. IM ACTUALLY PROUD
@@Nicolas_Asmar15 IM PROUD OF YOU TOO, KEEP UP THE GREAT WORK!!
thank you for saving my life T-T
lmao you're welcome!
THX
Anytime :D
How do you do “how much was invested in a simple interest savings account at 3% for 7 months if it was $35”
I = $35
P = ?
R = 3% = 0.03
T = 7 months (to convert to years, just divide by 12) so:
T = 7÷12 = 0.583 years
I = PRT but we're trying to find P so rewrite the equation to solve for P:
P = I/RT
P = 35/[(0.03)*(0.583)] = 2000
So P = $2000 👍
Tysm in class I somehow forgot to do this now I remember hooray👍
Math is definitely a short term memory subject so I don't blame you lol, but I'm glad it was helpful :D
Let me know if you need help with a specific problem 👍
I’d like to see more examples
I could definitely do that, did you have anything specific in mind? Or just a few more general examples?
Thank you so much for this! it makes my math easier:0
No problem!
Thank u but what if the time is 16 months?
You want the time in Years so to convert from months to Years, just divide by 12 (because there's 12 months in 1 year):
T = 16 /12 = 1.333333......
You can round that to however many decimal places you want. The more decimal places you use, the more accurate your answer will be. But 2 decimal places is normally good enough so T=1.33 should be good👍
Thanks but what if it is 270 days?
How do I do “What is your final investment worth if you invest $2500 for 500 days at 4%” this is the only one I do not understand, I understood the others ones because of you
Never mind I got it! It’s a different formula (A = P (1 + RT) thank you.
@@Adennnn____ Great job! And I'm happy to help 😃
It helps a lot .. thanks 👍
Happy to help!
Here the night before my math exam, revising stuff I didn’t really understand from this unit 😭
lmao well let me know if you have any questions, and good luck on your exam! :D
He 🅿️ushin 🅿️
lol
What if principles and rate is missing?how can it solve?
What does the problem say exactly?
How to count if the time is 2 years and 9 months?
You would have to convert the months into years (so it'd be a decimal). There's 12 months in a year, and you have 9:
So 9 out of 12 (or 9÷12) = 0.75
So 9 months is = 0.75 years
So how many years do u have in total?
2 + 0.75 = 2.75 (so that's what you'd use for t)
Hope that helps! 👍
On a decimal part you can say that we can divide by 100
Yes that's a great point, you divide by 100 to convert it. I explained the quick "mental math" way of doing it but both methods work! :D
I LOVE YOU
I LOVE ME TOO
I mean you too! 😁
Thanks so much I had no clue what too do because I usually so unfocused watching this video help me know what to do😊
Lol you’re welcome, I'm glad it was helpful 😄
How would I solve for time?
This video might help clarify:
ua-cam.com/video/IBnDlhOjXoU/v-deo.html
But basically, just like a normal equation, divide out all the stuff u wanna get rid of:
I=PRT (divide both sides by PR to isolate T)
So I/PR=T 👍
@@Eat_Pi currently working on schoolwork lol, but essentially would it just be the same process as if I was trying to solve for another variable (let's say p)? So I would do i=prt, multiply p by r, than divide I by my answer from p×r, and I would get my answer? Or am I overthinking this? 😅
@@jrninjaboy915 in that case make sure to watch the video cuz this is gonna be a long explanation but I'll try anyways lol
So the equation ur starting with is i=prt
Let's say u wanna solve for p. If u wanna solve for p, that means u have to get it by itself on 1 side of the = sign. So that means u need to get rid of the r and t. How do u get rid of them? U have to by r and t.
i = prt
(divide by rt to isolate p. But remember, what u do to 1 side of an equation, u have to do to the other, so divide both sides by rt):
i/rt = prt/rt
(On the right side of the equation, the rt on the top and bottom cancel out, so ur just left with p. But nothing cancels out on the left side of the equal sign, so ur left with):
i/rt = p
@@Eat_Pi I did watch your video prior to writing my comment, and pretty sure I figured it out, your video did help a lot though! You were very thorough and clear, I highly appreciate your help! (also I was asking if solving for T would Essentially be the same process as if I was solving for another variable, (r, p, etc)if thats the case I'd just plug all the variables i have currently and following i=prt, multiply p by r, than divide i by the answer I got from p×r and that would equal my time correct? Sorry if this is confusing you, im bad at explaining things 🤣)
@@jrninjaboy915 oh ok just wanted to sure since it's easier to explain there lol
but yeah it'd be the same exact process. You could definitely find an answer for (p x r) and then do
i ÷ (p x r)
Since it's the exact same thing as i/pr = t
I hope that makes sense cuz i feel like we're on the same page now 😄
He called us stupid in smart lol 😅😅
LMAO that's a new one! 😆
But I mean it when I say it because I know all of you can do this! 💪
(and are now a little smarter for it) 😎
Sir you not show formula
I have my SOL today wish me luck! I'll update you guys if I pass or not
Goodluck on your test! Crush it like a friggin genius 😎
@@Eat_Pi I passed it with flying colours thanks a lot man 👍
@@HimothyHumphry That's so great to hear - I'M SO PROUD OF YOU!! :D
I got mine today I'm cooked@@HimothyHumphry
what if the years were missing tho?
Then you would insert all your values and then solve for time. You could also rearrange the formula to make it a little easier. I=PRT
Solving for time would be T=I/(PR)
Hope that helps!
@@Eat_Pi Thank youuu I now understand it clearly
What if we can’t not use a calculator
I dont think you'd be able to get around that, you'd just have to do the calculations by hand
@@Eat_Pi sad
having hard time on revision (cries) what if it is for ten years but interest every 6 month?
Lol I can try n help, does it ask for simple interest or compound interest?
And do u mind sharing the problem?
@@Eat_Pi well I need to find the deference between ten years interest for every month and ten years interest for every six month
@@user-uj6yy8bj6p ok if the problem specifically says "compound" in it then it's a little different. Unfortunately I haven't made a video on that topic yet but this video (by someone else) explains it:
ua-cam.com/video/P182Abv3fOk/v-deo.html
@@Eat_Pi owh is ok bro , thanks a lot
2024 here
this problem is wrong. I used this as an example problem for another one
Hmmm... I'm pretty sure the examples I went over are correct. What was your problem? I think I can help clarify
I hope this works if not your a fraud.
lmao if it doesn't work come let me know I'm a fraud 😄
thank you
you're welcome 👊👊👊👊👊👊👊👊🔥🔥🔥🔥🔥