Finite Math Examples

$p = 6000$ , $r = 6 %$ , $t = 2$

Step 1

Simple interest is calculated on the original principal only. Accumulated interest from prior periods is not used in calculations for the following periods.

$i = p \cdot r \cdot t$

Step 2

Solve the equation for $i$ .

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Step 2.1

Remove parentheses.

$i = p \cdot r \cdot t$

Step 2.2

Multiply $p r$ by $t$ .

$i = p r t$

Step 3

Substitute the known values into the formula.

$i = (6000) \cdot (6 %) \cdot (2)$

Step 4

Simplify the right side.

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Step 4.1

Simplify $(6000) \cdot (6 %) \cdot (2)$ .

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Step 4.1.1

Convert $6 %$ to a decimal.

$i = 6000 \cdot 0.06 \cdot 2$

Step 4.1.2

Multiply $6000 \cdot 0.06 \cdot 2$ .

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Step 4.1.2.1

Multiply $6000$ by $0.06$ .

$i = 360 \cdot 2$

Step 4.1.2.2

Multiply $360$ by $2$ .

$i = 720$