Asked by Christabelle

Could ANYONE please explain this formula to me and what the words mean...

I=prt (Intrest= principle x rate x time)
Answered by Ms. Sue
Let's suppose you borrow $500 from your parents. That's the principal. They charge you 2% annual interest. You pay them back at the end of two years.

I = 500 * 0.02 * 2

Multiply to find the amount of interest you'll pay.
Answered by Christabelle
Your a lifesaver! thank you so much!!
Answered by Ms. Sue
You're very welcome!

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