Simple interest
Calculate simple interest earned on savings or owed on a loan, using interest = principal * rate * time. Unlimited questions, five difficulty levels, and a full worked solution every time, included free with weekly lessons.
Try one
Caleb puts $46.00 into a savings account that pays a simple interest rate of 3% per year. How much interest will Caleb earn after 1 year?
Answer: 1.38
See one solved, step by step
Maya borrows $87.00 with a loan that charges a simple interest rate of 4% per year. What is the total amount owed after 2 years?
📘 Worked solution
1I = P · r · t = $87.00 · 0.04 · 2 = $6.96Work out the simple interest first.
2$87.00 + $6.96 = $93.96Add the interest owed to the original loan to find the total amount owed.
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