{"id":7264,"date":"2017-05-09T20:37:23","date_gmt":"2017-05-09T20:37:23","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/prealgebra\/?post_type=chapter&p=7264"},"modified":"2019-05-27T05:20:23","modified_gmt":"2019-05-27T05:20:23","slug":"solve-simple-interest-applications","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/monroecc-prealgebra\/chapter\/solve-simple-interest-applications\/","title":{"raw":"Introduction to Solving Simple Interest Applications","rendered":"Introduction to Solving Simple Interest Applications"},"content":{"raw":"

What you'll learn to do: Solve simple interest applications involving rate, time, and principal<\/h2>\r\n[caption id=\"attachment_11712\" align=\"aligncenter\" width=\"1024\"]\"Scrabble<\/a> How much does a loan really cost?[\/caption]\r\n\r\nHave you ever needed to take out a loan? Whether it's to pay for college, buy a car, or purchase a home, people take out loans to help them pay for some of life's\u00a0most important purchases. But one thing that many people find confusing about loans is how interest is calculated on them. Using the simple interest formula, we can figure out\u00a0simple interest problems\u00a0and get a better idea of the true cost of some loans. In this section, we'll\u00a0explore how to use the simple interest formula and solve simple interest applications.\r\n\r\nBefore you get started in this module, try a few practice problems and review\u00a0prior\u00a0concepts.\r\n
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readiness quiz<\/h3>\r\n1)\r\n\r\n[ohm_question]146382[\/ohm_question]\r\n\r\nIf you missed this problem, review the following video.\r\n\r\nhttps:\/\/youtu.be\/paV-sXbRkHA\r\n\r\n2)\r\n\r\n[ohm_question]146383[\/ohm_question]\r\n\r\nIf you missed this problem, review this video.\r\n\r\nhttps:\/\/youtu.be\/q2s9GaEwSi8\r\n\r\n<\/div>","rendered":"

What you’ll learn to do: Solve simple interest applications involving rate, time, and principal<\/h2>\n
\"Scrabble<\/a><\/p>\n

How much does a loan really cost?<\/p>\n<\/div>\n

Have you ever needed to take out a loan? Whether it’s to pay for college, buy a car, or purchase a home, people take out loans to help them pay for some of life’s\u00a0most important purchases. But one thing that many people find confusing about loans is how interest is calculated on them. Using the simple interest formula, we can figure out\u00a0simple interest problems\u00a0and get a better idea of the true cost of some loans. In this section, we’ll\u00a0explore how to use the simple interest formula and solve simple interest applications.<\/p>\n

Before you get started in this module, try a few practice problems and review\u00a0prior\u00a0concepts.<\/p>\n

\n

readiness quiz<\/h3>\n

1)<\/p>\n