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Simple interestTo find the simple interest, use this formula:
Interest = Principal × Rate of interest × Time
The principal is the amount of money you borrow or invest. The rate of interest is the percent charged for the use of money Exercises #1: Compute the interest if the principal is 2000 dollars at a rate of interest of 5% for 4 years. Using a calculator, Interest = 2000 times 5% times 4 = 2000 times 0.05 times 4 Interest = 100 times 4 = 400 Exercises # 2 Compute the interest if the principal is 2,000,000 dollars at a rate of interest of 4 % for a year Using a calculator, Interest = 2,000,000 times 4 % times 1 Interest = 2,000,000 times 0.04 times 1 Interest = 80,000 times 1 = 80,000 If you have 2 millions dollars and your bank pay you 4% interest every year, you will earn 80, 000 dollars every year. Great, you can quit your day time job! Fun math game: Destroy numbered balls by adding to 10
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