What does I=prt mean in 7th grade verison?
I = PRT
This is a formula for calculating simple interest.
Interest = Principal * Rate * Time
Example, you put $500 in a saving account, at 3% interest per year.
To find the interest after two years,
P = $500, R = 0.03, T = 2
I = 500 * 0.03 * 2
I = 1000 * 0.03
I = $30
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The equation I = prt is known as the simple interest formula in mathematics. It is used to calculate the amount of interest earned or owed on a principal amount of money over a certain period of time. Here is what each variable represents:
I: The amount of interest earned or owed
P: The principal amount of money (the initial amount)
r: The interest rate (expressed as a decimal)
t: The time period (in years)
To use the formula, follow these steps:
1. Identify the values for P, r, and t. For example, if you have a principal amount of $500, an interest rate of 5% (0.05 as a decimal), and a time period of 2 years, you would use P = $500, r = 0.05, and t = 2.
2. Plug these values into the formula: I = P * r * t. Using the example values, the formula would be I = $500 * 0.05 * 2.
3. Calculate the result: I = $50.
Therefore, in this scenario, the amount of interest earned or owed would be $50.