Interest Word Problems Worksheets
How to Calculate Interest - When learning money concepts, you will have to understand the types of interests. There are two types of interests, simple interest, and compounding interest. Simple interest is the simplest form of interest. It is a straightforward and simple method of calculating the interest charge on loan. You can find simple interest by multiplying the daily interest rate by the principal by the number of days that elapse between payments. The formula to calculate simple interest is given by; Simple Interest = P × I × N where: P = principle, I = daily interest rate, N = number of days between payments. This type of interest is common on automobile loans and other short-term loans.
On exam day, when time was up, the tests were handed in and the teacher noticed that someone had attached a $100 bill to his test with a note saying "A dollar per point." When the tests were handed back the student got his test, his grade, and $64 change.