{"id":10450,"date":"2017-05-26T20:42:51","date_gmt":"2017-05-26T20:42:51","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/prealgebra\/?post_type=chapter&#038;p=10450"},"modified":"2024-04-30T16:43:37","modified_gmt":"2024-04-30T16:43:37","slug":"summary-solving-simple-interest-applications","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/chapter\/summary-solving-simple-interest-applications\/","title":{"raw":"Summary: Solving Simple Interest Applications","rendered":"Summary: Solving Simple Interest Applications"},"content":{"raw":"<h2 data-type=\"title\">Key Concepts<\/h2>\r\n<ul id=\"fs-id1482807\" data-bullet-style=\"bullet\">\r\n \t<li><strong>Simple interest<\/strong>\r\n<ul id=\"eip-id1166402038051\">\r\n \t<li>If an amount of money, [latex]P[\/latex] , the principal, is invested for a period of [latex]t[\/latex] years at an annual interest rate [latex]r[\/latex] , the amount of interest, [latex]I[\/latex] , earned is [latex]I=Prt[\/latex]<\/li>\r\n \t<li>Interest earned according to this formula is called simple interest.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<h2 data-type=\"glossary-title\">Glossary<\/h2>\r\n<dl id=\"fs-id1356632\" class=\"definition\">\r\n \t<dt>simple interest<\/dt>\r\n \t<dd id=\"fs-id1166490832230\">If an amount of money, [latex]P[\/latex] , the principal, is invested for a period of [latex]t[\/latex] years at an annual interest rate [latex]r[\/latex] , the amount of interest, [latex]I[\/latex] , earned is [latex]I=Prt[\/latex] . Interest earned according to this formula is called simple interest.<\/dd>\r\n<\/dl>","rendered":"<h2 data-type=\"title\">Key Concepts<\/h2>\n<ul id=\"fs-id1482807\" data-bullet-style=\"bullet\">\n<li><strong>Simple interest<\/strong>\n<ul id=\"eip-id1166402038051\">\n<li>If an amount of money, [latex]P[\/latex] , the principal, is invested for a period of [latex]t[\/latex] years at an annual interest rate [latex]r[\/latex] , the amount of interest, [latex]I[\/latex] , earned is [latex]I=Prt[\/latex]<\/li>\n<li>Interest earned according to this formula is called simple interest.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 data-type=\"glossary-title\">Glossary<\/h2>\n<dl id=\"fs-id1356632\" class=\"definition\">\n<dt>simple interest<\/dt>\n<dd id=\"fs-id1166490832230\">If an amount of money, [latex]P[\/latex] , the principal, is invested for a period of [latex]t[\/latex] years at an annual interest rate [latex]r[\/latex] , the amount of interest, [latex]I[\/latex] , earned is [latex]I=Prt[\/latex] . Interest earned according to this formula is called simple interest.<\/dd>\n<\/dl>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-10450\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Specific attribution<\/div><ul class=\"citation-list\"><li>Prealgebra. <strong>Provided by<\/strong>: OpenStax. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/contents\/caa57dab-41c7-455e-bd6f-f443cda5519c@9.757<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":17533,"menu_order":20,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc-attribution\",\"description\":\"Prealgebra\",\"author\":\"\",\"organization\":\"OpenStax\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/contents\/caa57dab-41c7-455e-bd6f-f443cda5519c@9.757\"}]","CANDELA_OUTCOMES_GUID":"0c5044d98f5d4830971bfc94baeb5fed","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-10450","chapter","type-chapter","status-publish","hentry"],"part":7176,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters\/10450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/wp\/v2\/users\/17533"}],"version-history":[{"count":6,"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters\/10450\/revisions"}],"predecessor-version":[{"id":20395,"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters\/10450\/revisions\/20395"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/pressbooks\/v2\/parts\/7176"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/pressbooks\/v2\/chapters\/10450\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/wp\/v2\/media?parent=10450"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/pressbooks\/v2\/chapter-type?post=10450"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/wp\/v2\/contributor?post=10450"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-developmentalemporium\/wp-json\/wp\/v2\/license?post=10450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}