Finite Math Examples

$p = 3360$ , $r = 8 %$ , $t = 3$

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.

$i = (3360) \cdot (8 %) \cdot (3)$

Step 4

Simplify the right side.

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Step 4.1

Simplify $(3360) \cdot (8 %) \cdot (3)$ .

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Step 4.1.1

Convert $8 %$ to a decimal.

$i = 3360 \cdot 0.08 \cdot 3$

Step 4.1.2

Multiply $3360 \cdot 0.08 \cdot 3$ .

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Step 4.1.2.1

Multiply $3360$ by $0.08$ .

$i = 268.8 \cdot 3$

Step 4.1.2.2

Multiply $268.8$ by $3$ .

$i = 806.4$