MYP Simple Interest

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MYP Simple Interest

Postby Lucas » Fri May 03, 2013 6:25 am

MYP Math, Financial Mathematics, Simple Interest


How can we calculate the simple interest of a loan of $15,000 at a rate of 6% per annum over 36 months?

Thanks
Lucas
 
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Re: MYP Simple Interest

Postby nicole » Fri May 03, 2013 6:29 am

MYP Math, Financial Mathematics, 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


Hope these help!
nicole
 
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Re: MYP Simple Interest

Postby Lucas » Fri May 03, 2013 6:34 am

Thanks Nicole!!
Lucas
 
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