Introduction to Solving Simple Interest Applications
Have you ever needed to take out a loan? Whether it's to pay for college, buy a car, or purchase a home, people take out loans to help them pay for some of life's most important purchases. But one thing that many people find confusing about loans is how interest is calculated on them. Using the simple interest formula, we can figure out simple interest problems and get a better idea of the true cost of some loans. In this section, we'll explore how to use the simple interest formula and solve simple interest applications.Learning Outcomes
By the end of this section, you will be able to:- Use the simple interest formula
- Solve simple interest applications
readiness quiz
- Solve [latex]0.6y=45[/latex].If you missed this problem, review [link].
- Solve [latex]\frac{n}{1.45}=4.6[/latex].If you missed this problem, review [link].
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