Simple interest
Use interest = principal * rate * time to find the interest earned on a savings product or the total balance after that interest is added. Unlimited questions, five difficulty levels, and a full worked solution every time, included free with weekly lessons.
Try one
Caleb invests $300.00 in a GIC that pays 6% simple interest per year. How much interest will Caleb earn after 1 year?
Answer: $18.00
See one solved, step by step
Sofia invests $1500.00 in a GIC that pays 6% simple interest per year. What is the total value of the GIC after 3 years?
📘 Worked solution
1I = P · r · t = $1500.00 · 0.06 · 3 = $270.00Work out the simple interest first.
2$1500.00 + $270.00 = $1770.00Add the interest earned to the original amount to find the new total value.
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