MYP Mathematics - Simple Interest

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MYP Mathematics - Simple Interest

Postby Lucas » Sun Mar 10, 2013 7:18 am

MYP Mathematics, Financial Mathematics, Simple Interest

How can we calculate the amount borrowed if the interest paid for this loan is $3000 at a rate of 5% per annum over 24 months?

Thanks
Lucas
 
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Re: MYP Mathematics - Simple Interest

Postby miranda » Sun Mar 10, 2013 9:13 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! :D :D
miranda
 
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Re: MYP Mathematics - Simple Interest

Postby Lucas » Sat Apr 06, 2013 7:57 pm

thanks miranda!!
Lucas
 
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Re: MYP Mathematics - Simple Interest

Postby Lucas » Sat Apr 06, 2013 7:58 pm

thanks miranda!!
Lucas
 
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Joined: Mon Jan 28, 2013 8:05 pm


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