SIMPLE INTEREST
Glossary
The following terms are going to be used throughout this topic, thus, familiarise with the terminology and its meaning.
The following terms are going to be used throughout this topic, thus, familiarise with the terminology and its meaning.
What it interest?
Interest is money earned on an investment with a bank, credit union or other financial institution.
Therefore, Simple Interest is:
Interest calculated as a percentage of the principle (the amount of money invested).
The following is the Simple Interest Formulae:
Interest is money earned on an investment with a bank, credit union or other financial institution.
Therefore, Simple Interest is:
Interest calculated as a percentage of the principle (the amount of money invested).
The following is the Simple Interest Formulae:
Application of Simple Interest Formulae
Further examples and explanations
Now you try! :D