For the above calculation, we have $4500.00 to invest (or to borrow) with a rate of 9.5% for a 6 year period of time.
Calculate Simple Interest, Principal, Rate or Time when 3 Values are Known
By Deb Russell, About.com Guide
When you know the principal amount, the rate and the time. The amount of interest can be calculated by using the formula:I = Prt
Prev
- Calculating Interest: Principal, Rate and Time are Known
- Calculating Interest Earned when Principal, Rate and Time are Known
- Calculating Interest When the Time is Given in Days
- What's the Interest on $890.00 at 12.5% for 261 Days?
- Find the Principal When you Know the Interest, Rate, and Time
- What Sum of Money Can you Invest for 300 Days at 5.5% to Earn $93.80?
- What Annual Rate of Interest Is Needed for $2100.00 to earn $122.50 in 14 Mths?
Explore Mathematics
Must Reads
About.com Special Features
Abraham Lincoln, The Great Emancipator
Lincoln is one of those rare figures who becomes more interesting the more you learn about him. More >
The US Occupation of Haiti
Responding to near-anarchy in the Republic of Haiti, the United States occupied the nation from 1915 to 1934. More >
©2010 About.com, a part of The New York Times Company.
All rights reserved.