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IB Mathematical Studies, Simple Interest

How can we calculate the simple interest of a loan of $8000 at a rate of 5% per annum over 16 months?

Thanks

How can we calculate the simple interest of a loan of $8000 at a rate of 5% per annum over 16 months?

Thanks

- William
**Posts:**0**Joined:**Mon Jan 28, 2013 8:07 pm

IB Maths Studies SL, Simple Interest

The simple interest is given by the following formula

Where I is the amount of interest, P is the principal, r is the simple interest rate per annum and n is the time in years.

Regarding your question about the calculation of the simple interest we have that

The guidelines for doing this exercise directly to GDC Casio FX-9860G is

TVM -> F1:Simple Interest -> n=(4/3)*365=486.67, I%=5, PV=-8000 and then press SI and get your result with a positive sign which is the simple interest.

Hope these help!

The simple interest is given by the following formula

Where I is the amount of interest, P is the principal, r is the simple interest rate per annum and n is the time in years.

Regarding your question about the calculation of the simple interest we have that

The guidelines for doing this exercise directly to GDC Casio FX-9860G is

TVM -> F1:Simple Interest -> n=(4/3)*365=486.67, I%=5, PV=-8000 and then press SI and get your result with a positive sign which is the simple interest.

Hope these help!

- nicole
**Posts:**0**Joined:**Mon Jan 28, 2013 8:10 pm

Thanks Nicole!

- William
**Posts:**0**Joined:**Mon Jan 28, 2013 8:07 pm

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