Solving Interest Problems

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Having difficulty turning a word problem into an algebra equation? With this tutorial, you'll learn how to break down word problems and translate them into mathematical equations.

Trying to solve two equations each with the same two unknown variables?

Your interest payments will be $5 per year no matter how many years the initial sum of money stays in a bank account.

This calculator can be used to solve various types of simple interest problems.

The calculator will print easy to understand step-by-step explanation.

Click here to see a list of example problems that can be solved by using this calculator.

Most banks don't use simple interest; the more money you deposit, the more money they can potentially make, so they want to encourage you to deposit as much as possible into your account.

One way they do this is via compound interest, in which you earn money based on your original principal and the interest you've accrued to that point.

Take one of the equations and solve it for one of the variables.

Then plug that into the other equation and solve for the variable.

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Comments Solving Interest Problems

  • Compound Interest Calculator with step by step explanations
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    Compound Interest Problems. This is a list of the example problems which can be solved by using this calculator. Problems with unknown interest and amount…

  • Simple Interest Calculator - WebMath
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    Simple interest is money you can earn by initially investing some money the principal. A percentage the interest of the principal is added to the principal, making your initial investment grow!…

  • College algebra word problems simple interest
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    Simple interest word problems refer to applications in which money is invested in an account paying simple interest rather than compounded. The relationship between principal P, interest rate r, length of time the money is invested t, and earned interest I is given by the following formula…

  • Math Practice Problems - Simple Interest
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    Simple Interest - Sample Math Practice Problems The math problems below can be generated by MathScore.com, a math practice program for schools and individual families. References to complexity and mode refer to the overall difficulty of the problems as they appear in the main program.…

  • Solving interest problems in math - Holly Lake Voice
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  • Word Problems Compound Interest - AlgebraLAB
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    There are several types of interest problems. This lesson deals with solving problems where interest is compounded. There are two other types of interest word problems that are dealt with in other word problem lessons simple interest and continuously compounded interest.…

  • Compound Interest Calculator - WebMath
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    Compound Interest Calculator. Is the secret to getting rich winning the lottery? No! Compound interest and patience are! This page will show you how your money can grow over time with compound interest. Simply fill in the blanks to the right, then click the button. What amount of money is loaned or borrowed?this is the principal amount $ What is the annual interest rate in percent attached.…

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