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To solve for the simple interest owed on $940 for 5 years at a rate of 19.5%, we can use the formula for simple interest:

\[
I = P \times r \times t
\]

Where:
- $I$ is the interest,
- $P$ is the principal amount (initial investment or loan) = $940,
- $r$ is the annual interest rate (expressed as a decimal) = 19.5% = 0.195,
- $t$ is the time the money is invested or borrowed for in years = 5.

Let's calculate the simple interest.The simple interest owed on $940 for 5 years at a rate of 19.5% is **$916.50**.

Would you like more details or have any other questions? 

Here are some related questions you might find helpful:
1. How is the total amount (principal + interest) calculated after the interest period?
2. What happens to the interest if the time is doubled?
3. How does compound interest differ from simple interest?
4. Can you explain how to convert a percentage rate to a decimal for calculations?
5. How does the interest change if the rate is lowered by 5%?

**Tip:** Always ensure that the interest rate is converted to a decimal by dividing the percentage by 100 before using it in the formula.

Determine the simple interest owed on $940 for 5 years at a rate of 19.5%.

Learn how to calculate simple interest on a loan or investment of $940 over 5 years at an annual interest rate of 19.5%. This example walks through the simple interest formula, providing a detailed explanation suitable for students in Grades 6-8.

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