Use the simple interest formula

Upper I equals PrtI=Prt

and elementary algebra to find the missing quantities in the table below.

I

P

r

t

​$500500

1313​%

2 years

To find the missing quantity using the simple interest formula:

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

where:
- $ I $ is the interest,
- $ P $ is the principal (initial amount),
- $ r $ is the interest rate (as a decimal),
- $ t $ is the time in years.

In your case, you are given:
- $ P = 500 $ (the principal),
- $ r = 13\% = 0.13 $ (the interest rate in decimal form),
- $ t = 2 $ years (the time).

Now, we can calculate the interest $ I $ using the formula:

\[
I = 500 \cdot 0.13 \cdot 2
\]

Let me compute this for you.The interest $ I $ is calculated to be **$130**.

### Summary:
- **Principal (P):** $500
- **Rate (r):** 13% (or 0.13 as a decimal)
- **Time (t):** 2 years
- **Interest (I):** $130

Would you like more details or further clarification?

Here are 5 related questions to explore:
1. How would the interest change if the rate was 10% instead of 13%?
2. What would the total amount be after 2 years (Principal + Interest)?
3. How would the interest change if the time was 3 years instead of 2?
4. What would happen to the interest if you doubled the principal to $1000?
5. How can you rearrange the formula to solve for $ r $ (rate) if the interest and time are known?

**Tip:** Always convert percentages to decimal form (e.g., 13% becomes 0.13) when using the simple interest formula!

Use the simple interest formula I = Prt and elementary algebra to find the missing quantities in the table below.
I
P
r
t
$500
13%
2 years

Learn how to calculate simple interest for a principal of $500 at an interest rate of 13% over 2 years. This guide provides a clear solution using the simple interest formula I = P * r * t, suitable for students in Grades 6-8.

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