(0:01)Understanding Concepts in Interest Rate Calculation: The principal is the initial amount of money invested, while interest is the extra amount earned based on a set interest rate, typically yearly.
(0:18)How to Calculate Simple Interest (Interest Formula): Interest is calculated by multiplying the principal by the interest rate. For example, £100 at 5% interest results in £5 interest after 1 year.
(2:35)How to Find Principal from Interest Earned: To find the initial investment when interest and rate are known, divide the interest by the rate (e.g., £30 at 5% interest implies an initial principal of £600).
📂 Revision Cards
1) Interest and Interest Rate Calculation
2) Calculating Interest
3) Calculating Interest Rate
4) Calculating Principal
🍪 Quiz Time - Practice Now!
Membership Required
You must be a member of Math Angel Plus or Math Angel Unlimited to view this content.