I: interest earned P: principle (initial invested amount) r: rate (percentage) t: time in years (duration)
Most often, when letters are side-by-side this means they are all factors of each other. If something is a factor of another, then multiply them. So, 275 times 8% or 8/100 or 0.08 times 16 years is equal to $352. With this total subtract $275 from $352. The interest earned is equal to $77.
This may seem confusing when saying aloud in order of the equation, "Interest equals $352". The total is $352, the interest earned is equal to $77. Conventions and platitudes are often erroneous.
