Access over 20 million homework & study documents
search

study material on finance 28

Content type

User Generated

Type

Study Guide

Rating

Showing Page:
1/45

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/45

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/45

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 45 pages?
Access Now

Unformatted Attachment Preview

11.1 The Simple Interest Formula  Find simple interest by using the simple interest formula.  Find the maturity of a loan.  Convert months to a fractional or decimal part of the year.  Find the principal, rate or time using the simple interest formula. Business Math, Eighth Edition Cleaves/Hobbs © 2009 Pearson Education, Inc. Upper Saddle River, NJ 07458 All Rights Reserved Key Terms  Interest: an amount paid or earned for the use of money.  Simple interest: interest earned when a loan or investment is repaid in a lump sum.  Principal: the amount of money borrowed or invested.  Rate: the percent of the principal paid as interest per time period.  Time: the number of days, months or years that the money is borrowed or invested. Business Math, Eighth Edition Cleaves/Hobbs © 2009 Pearson Education, Inc. Upper Saddle River, NJ 07458 All Rights Reserved 11.1.1 The Simple Interest Formula  The interest formula shows how interest, rate, and time are related and gives us a way of finding one of these values if the other three values are known. I=PxRxT Business Math, Eighth Edition Cleaves/Hobbs © 2009 Pearson Education, Inc. Upper Saddle River, NJ 07458 All Rights Reserved Find the simple interest using the simple interest formula Business Math, Eighth Edition Cleaves/Hobbs © 2009 Pearson Education, Inc. Upper Saddle River, NJ 07458 All Rights Reserved Identify the principal, rate and time P=RxB  The interest is ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Awesome! Made my life easier.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4