Finding Interest

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  • I thought you only had $200
  • I want to buy that chair so bad and its only $300 I will just borrow from the bank
  • You know you have to pay interest rate if you want to borrow from the bank
  • So how much would it be ?
  • Dont you remember we learned it in school the other day
  • Lets borrow from the bank we can slowly repay it
  • How much would we have to pay at the end ?
  • Ahh he's sooo cute
  • Finding Interest I=PxRxT
  • I don't remember how do we do it again
  • Its like a formal interest =principal x rate x time . Your rate is 3.25% and principle is 300 . The loan period for 6 months. The interest will be $5850.00 at the end of the loan .
  • I get it now we should go to the bank first
  • Yes we probably should
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