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Then, you can plug those values into a formula to calculate the future value of the money.This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness.
Some rate problems become more complicated by comparing two rates, thus doubling the number of variables.
All rate problems can be solved by using the formula D = R(T), which translates to distance (D) equals rate (R) multiplied by time (T).
First you figure out the Principal, then you find the interest rate and then find the Time someone gave you to pay back loaned or borrowed money.
Formula: Simple Interest= Principal*Rate*Time Example: Principal-$25,000 Interest Rate- 6.25 simple interest- 6 years $25,000 x .0625 x 6= $9375!
Start by calculating the interest using the simple interest formula.
Here, you would multiply the principal (5,000) by the rate (0.065) and the number of years for your loan (which you haven't provided. Add that to the principal to get the total amount you'll pay over the life of the loan, then divide that amount by the number of payments you'll make.
For example, if your loan is for 10 years and you're making monthly payments, you would divide the total amount by 120 (10 years x 12 months in each year).
Simple interest is the interest computed on the principal for the entire period of borrowing.
Read the problem and identify which of the two things' rates are being compared.
If more than two rates are involved, draw additional rows as necessary. Label each row in the first column with the name of the things. If one speed is in miles per hour and another is in feet per second, pick which unit you want to work with and convert the other amount to use that unit.