Examples - see how we will help!
The Algebra Word Problem Solver solves many types of Simple Interest Word Problems.
See More Interest Word Problem Examples solved by the Algebra Word Problem Solver.
What You Enter
Jane deposited $850 in a savings account. How much interest will her money earn after 21 months if the interest rate is 6%?
What You Get
Let P = Principle
Let R = Rate
Let T = Time
Let I = Interest
Given: P = $850
Given: R = 6%
Given: T = 21 MONTHS
Find: I
21
21 months = ------ = 1.75 years
12
Interest = Principle * Rate * Time
I = PRT
I = $850 * 6% * 1.75
I = $850 * 0.06 * 1.75
Solution: I = $850 * 0.06 * 1.75
