LearningSolvesv1

Calculate one year of simple interest

Principal, rate and time multiply directly.

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Output
Interest of 50 and a balance of 1,050
Input
A principal of 1,000 at 5 percent for one year
Relationship

What connects the input and output?

Use interest = principal x rate x time: 1,000 x 0.05 x 1.

Sources

1
  1. www.investor.gov: Calculate one year of simple interestwww.investor.gov

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