How to Use the Simple Interest Formula (I=Prt) to Find I | Part 1 of 3 | Minute Math

In this video we learn how to Use the Simple Interest Formula (I=Prt) to Find I. The simple interest formula is I=Prt. I = interest, P = principal, r = rate, and t = time. We solve the following simple interest word problem: Find the simple interest earned after 3 years on $500 at an interest rate of 6%.

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Marecek, L., Anthony-Smith, M., & Mathis, A. H. (2020). Use the Language of Algebra. In Prealgebra 2e. OpenStax. https://openstax.org/books/prealgebra-2e/pages/6-4-solve-simple-interest-applications. License: CC BY 4.0. Access for free at https://openstax.org/books/prealgebra-2e/pages/1-introduction