Need help with finite mathematics "True or False" #1


label Mathematics
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True or false. When simple interest is used, the accumulated amount is a linear function of time.

* If statement is not true, make the statement true.

Nov 10th, 2015

Hello, thanks for letting me help you with this

The statement is true.

Please note that in simple interest, the accumulated capital will be composed by the principal (P) plus the interests which are calculated as P*I*N, where I is the interest rate and N the amount of periods.

It the gives the formula P(N) = P(0)+P(0)*I*N, which is a linear function, similar to y=m*x+b (where y is P(N) and x is the time N - given that both P(0) and I are fixed values).

Hope this is clear. If not, please drop me a line and I'll get back to you.
Nov 10th, 2015

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