MYP Simple Interest

number, algebra, geometry and trigonometry, statistics and probability, discrete mathematics.

MYP Simple Interest

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

Posts: 0
Joined: Mon Jan 28, 2013 8:05 pm

Re: MYP Simple Interest

MYP Math, Financial Mathematics, Simple Interest

The simple interest is given by the following formula:

$I=P \cdot r \cdot n$

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
$I=\15,000 \cdot 0.06 \cdot \frac{36}{12}=\2,700$

Hope these help!
nicole

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

Re: MYP Simple Interest

Thanks Nicole!!
Lucas

Posts: 0
Joined: Mon Jan 28, 2013 8:05 pm