MYP Mathematics, Simple Interest

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MYP Mathematics, Simple Interest

Postby Lucas » Sun Mar 10, 2013 7:15 am

MYP Mathematics, Financial Mathematics, Simple Interest

How can we calculate the simple interest of a loan of $5000 at a rate of 5% per annum over 18 months?

Thanks
Lucas
 
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Re: MYP Mathematics, Simple Interest

Postby miranda » Sun Mar 10, 2013 9:11 am

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



Hope these help! :) :)
miranda
 
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Re: MYP Mathematics, Simple Interest

Postby Lucas » Sat Apr 06, 2013 7:59 pm

thanks miranda!!
Lucas
 
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