study material on finance 28

May 14th, 2015
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Shares (Shareholders are part owners of a company)

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11.1 The Simple Interest FormulaFind simple interest by using the simpleinterest formula.Find the maturity of a loan.Convert months to a fractional or decimalpart of the year.Find the principal, rate or time using thesimple interest formula.Business Math, Eighth EditionCleaves/Hobbs 2009 Pearson Education, Inc. Upper Saddle River, NJ07458 All Rights ReservedKey TermsInterest: an amount paid or earned for the useof money.Simple interest: interest earned when a loanor investment is repaid in a lump sum.Principal: the amount of money borrowed orinvested.Rate: the percent of the principal paid asinterest per time period.Time: the number of days, months or yearsthat the money is borrowed or invested.Business Math, Eighth EditionCleaves/Hobbs 2009 Pearson Education, Inc. Upper Saddle River, NJ07458 All Rights Reserved11.1.1 The Simple Interest FormulaThe interest formula shows how interest, rate,and time are related and gives us a way offinding one of these values if the other threevalues are known.I=PxRxTBusiness Math, Eighth EditionCleaves/Hobbs 2009 Pearson Education, Inc. Upper Saddle River, NJ07458 All Rights ReservedFind the simple interest usingthe simple interest formulaBusiness Math, Eighth EditionCleaves/Hobbs 2009 Pearson Education, Inc. Upper Saddle River, NJ07458 All Rights ReservedIdentify the principal,rate and timeP=RxBThe interest is

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