Simple Interest Word Problems

In this lesson, we will continue to review word problems. Once again, we will use the six-step procedure for solving a word problem that involves setting up and solving a linear equation in one variable. Specifically, we will review how to solve simple interest word problems. These problems involve the use of the simple interest formula: I = prt, which is simple interest earned (I) is equal to the principal (p) multiplied by the rate (r) as a decimal multiplied by time (t).