MYP Maths Simple Interest

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MYP Maths Simple Interest

Postby Lucas » Fri May 03, 2013 6:26 am

MYP Mathematics, Financial Mathematics, Simple Interest

How can we calculate the amount borrowed if the interest paid for this loan is $14,000 at a rate of 7% per annum over 48 months?

Thanks
Lucas
 
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Re: MYP Maths Simple Interest

Postby nicole » Fri May 03, 2013 6:30 am

MYP Maths, 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 Maths Simple Interest

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

Thanks Nicole!!
Lucas
 
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