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Simple Interest Formula

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					                              Simple Interest Formula
The simple interest Formula is given by formula I = p·r·t
Where I = interest, p = principal, r = interest rate per year and t = time in years.

                                                               Depreciation            Interest
                                                Principal         Rate                   Rate
   1. Volkswagen           Jetta                $21,525            18%                   3.5%
   2. Honda                Civic Hybrid         $23,235            15%                  4.95%
   3.


SHOW ALL WORK:
Calculate the total interest amount for a 5-year payment plan for each car. Divide the total
interest into 60 monthly payments.

Jetta                                                  Civic Hybrid
1a. Interest:    1b. Interest per month:               2a. Interest:      2b. Interest per month:




3. Car price + Interest = ______________               4. Car price + interest = ____________



5. Monthly payment = ______________                    6. Monthly payment = _____________




*Car of your choice: ____________________




                                                                       * optional for HP credit
                                  DEPRECIATION RATES

CAR: ____________________                            Depreciation Rate: ______________

Depreciation rate to use in equation: 100% -    =    Equation: y = a * b^x

Change window settings to:                                  Copy table of data:
Xmin = - 5
Xmax = 10
Xscl = 1
Ymin= -4,000
Ymax = 20,000
Yscl =2,000
Xres=1

                                  ______________________




In 2008 the car is worth: _____________        In 2012 the car will be worth: __________

In 2017, the car will be worth: ___________________

				
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Description: This is an example of simple interest formula. This document is useful for conducting simple interest formula.
Richard Cataman Richard Cataman
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