Question
When we use the simple interest formula, what answer does it give us?
The total value in the account at the end of the time period.
The volume in the account
• The interest earned or payed at the end of the time period.
The length of the hypotenuse
The total value in the account at the end of the time period.
The volume in the account
• The interest earned or payed at the end of the time period.
The length of the hypotenuse
Answers
GPT-4o mini
The simple interest formula gives us **the interest earned or paid at the end of the time period**. The formula for simple interest is typically expressed as:
\[ \text{Interest} = P \times r \times t \]
where:
- \( P \) is the principal amount (the initial amount of money),
- \( r \) is the rate of interest (as a decimal), and
- \( t \) is the time period (in years).
The result of this formula is the amount of interest accrued over the specified time period. To find the total value in the account at the end of the time period, you would add the principal to the interest earned.
\[ \text{Interest} = P \times r \times t \]
where:
- \( P \) is the principal amount (the initial amount of money),
- \( r \) is the rate of interest (as a decimal), and
- \( t \) is the time period (in years).
The result of this formula is the amount of interest accrued over the specified time period. To find the total value in the account at the end of the time period, you would add the principal to the interest earned.