IXL | Percent word problems with money

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Learn with an example

i = prt

i	is the interest earned

p	is the principal (starting amount)

r	is the interest rate expressed as a decimal

t	is the time in years

Convert the time from months to years before plugging it in for t.

Write the rate as a decimal.

0.05

Convert the time from months to years.

6 months

1 year

12 months

0.5 years

Calculate the interest earned.

$40

0.05

0.5

The interest will be $1.

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