Simple interest in under 2min

Thanks for watching ! In this GED math problem we are going to show you how to calculate simple interest. Recall that the formula to calculate interest is: Interest = principle x rate x time. The principle is the amount you have invested (or saved), the rate is the interest rate. Remember that you always express this as a decimal, and finally you multiply by the number of years (time) you've invested.
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[@trichinabagley4540]

How did you get your answer?

[@GEDmicrolearning]

Trichina which part did you find confusing ? Let me know and I can explain in a different way

[@TaetaeGrant]

How would you do it if the time was 6 months

[@GEDmicrolearning]

Great question. Interest always has to be years, so if you had 6 months, you would multiply by 6/12 (or 1/2). If it were 5 months you would multiply by 5/12

[@TaetaeGrant]

@@GEDmicrolearning thank you very much ❤️

[@GEDmicrolearning]

@@TaetaeGrant You bet !