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Have you ever had that maths problem where you had to solve a bit of a reading puzzle before you could solve the maths equation? Most likely you have... it is called problem solving using your maths skills. Below you will find one of those problem solving teasers. Get together with a friend and try to work out the answers. Problem solving occurs almost on a daily basis in your life so it is useful to discover different ways and methods of coming to an answer.

Sometimes there is more than one way to come to the same correct answer but sometimes there isn't and you will need to use mathmatical formulas, such as the formula for calculating the interest shown below. It is important to use interest formula calculators because you certainly don't want to be paying more interest on your credit card than necessary do you? If you borrowed money for a house, your house loan would be calculated monthly and you would like it to be done properly. Accurate figures will occur and you can be rest assured that you won't be paying too much interest. Just as well hey? Imagine your loan debt or the credit card debt if it was up to the banks or finance companies to use whatever formula they could pluck out of their hat on the day. Enjoy learning about interest and don't forget to use the formula to come to the correct answer.

Rick borrows $64 from Sally for one month. Sally is going to charge 1½ % interest for each month.

1: How much interest is Sally charging for the month?

2: How much interest would Sally be charging if Rick borrowed the money for two months?

3: How much interest would Sally be charging if Rick borrowed the money for three months?

4{ How much interest would Sally be charging if Rick borrowed the money for two years?

formula: Interest = number of periods x (rate x percent)


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