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.