Finite Math Examples

$p = 2800$ , $r = 5.9 %$ , $t = \frac{1}{10}$

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.

$i = (2800) \cdot (5.9 %) \cdot (\frac{1}{10})$

Step 4

Simplify the right side.

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Step 4.1

Simplify $(2800) \cdot (5.9 %) \cdot (\frac{1}{10})$ .

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Step 4.1.1

Cancel the common factor of $10$ .

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Step 4.1.1.1

Factor $10$ out of $(2800) \cdot (5.9 %)$ .

$i = 10 ((280) \cdot 5.9 %) \cdot \frac{1}{10}$

Step 4.1.1.2

Cancel the common factor.

$i = 10 ((280) \cdot 5.9 %) \cdot \frac{1}{10}$

Step 4.1.1.3

Rewrite the expression.

$i = (280) \cdot 5.9 %$

Step 4.1.2

Simplify the expression.

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Step 4.1.2.1

Convert $5.9 %$ to a decimal.

$i = 280 \cdot 0.059$

Step 4.1.2.2

Multiply $280$ by $0.059$ .

$i = 16.52$