Question

How do you find simple interest?

Answer 1

I=Prt,  I=simple interest, P=principal (starting amount), r=interest as a decimal, t =number of times the interest is paid or "time"

For example the simple interest earned on a $1000 deposit earning 4% APR for ten years is:

I=1000(.04)10

I=$400.00

Answer 2

I=Prt, I=simple interest, P=principal (starting amount), r=interest as a decimal, t =number of times the interest is paid or "time". Hope it help!