Finite Math Examples

$p = 8000$ , $r = 0.07$ , $n = 12$ , $t = 6$

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.

$i = (8000) \cdot (0.07) \cdot (6)$

Step 4

Simplify the right side.

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Step 4.1

Multiply $(8000) \cdot (0.07) (6)$ .

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Step 4.1.1

Multiply $8000$ by $0.07$ .

$i = 560 \cdot 6$

Step 4.1.2

Multiply $560$ by $6$ .

$i = 3360$