8. lesson 8 homework practice financial literacy

Question:

What are the three biggest things that change interest rates?

Answer:

Find, to the nearest cent, the simple interest earned for each principal, interest rate, and amount of time. $750, 7%, 3 years.

Here’s what to do. Just subtract 100 from the first number. (move the decimal point two places to the right)

750 / 100 = 7.5

Now, you multiply that number by the interest rate, which is 7 in this case.

7.5 x 7 = 52.5

The final step is to multiply that number by how many years have passed. This time, the 3.

52.5 x 3 = $157.50

That much would have been added after three years! Don’t forget that this is just basic curiosity. Compound interest is a little harder to figure out.


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