Instructions:
Simple interest on a loan can be calculated by multiplying the amount of the loan by the interest rate. Since interest rate is often expressed using percentages, it is necessary to change the percentage to a decimal value when calculating simple interest.This interactive application will give you a chance to check your paper and pencil work on the following problems. In the application you will enter the interest rate as a percent. Remember, when you work the problems on paper be sure that the interest rate is in decimal format. Click on the play button to enter values. Remember to hit the "enter" key after entering the final value. Be sure to round off your answer to the nearest hundredth.
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