7/8 Math URGENT!!! PLZ HELP!! ANYONE????

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Could ANYONE please explain this formula to me and what the words mean...

I=prt (Intrest= principle x rate x time)

  • 7/8 Math URGENT!!! PLZ HELP!! ANYONE???? -

    Let's suppose you borrow $500 from your parents. That's the principal. They charge you 2% annual interest. You pay them back at the end of two years.

    I = 500 * 0.02 * 2

    Multiply to find the amount of interest you'll pay.

  • 7/8 Math URGENT!!! PLZ HELP!! ANYONE???? -

    Your a lifesaver! thank you so much!!

  • 7/8 Math URGENT!!! PLZ HELP!! ANYONE???? -

    You're very welcome!

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