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The 1st math formula was created centuries back. As time passed by, new formulas were invented. Although you can find all the formulas and their usage in textbooks, some topics are so vast that an entire book is dedicated to a specific math topic. Thus, you may have to refer to various books instead of one. Instead of wasting time looking for the formula in the books, you can use an app that solves math problems on your iOS or Android device.
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Interest Problems are word problems that use the formula for Simple Interest. There is also another type of interest word problems called Compound Interest Word Problems. Scroll down the page for examples and solutions on how to use the Simple Interest Formula. If you have a saving account, the interest will increase your balance based upon the interest rate paid by the bank. If you have a loan, the interest will increase the amount you owe based upon the interest rate charged by the bank.