Answer) Simple interest is a method to calculate interest charge on principal amount of loan.
Formula for calculating monthly simple interest (Principal * rate of interest ) * 30/365
What is interest, how is an interest rate determined, and how is interest calculated?
What is compound interest and how is it calculated?
I. SIMPLE INTEREST: 1. How much is the amount and the accrued simple interest of $ 18,950; at 6.585% for seven years and nine months? 2. Find the difference between the exact simple interest and the ordinary simple interest when calculating $ 15,180 at 8.625% for 60 days? 3. If you deposited $ 18,750 at what%, would you accumulate an amount of $ 57,156.25 in five years? II. COMPOUND INTEREST: (annual and parts of the year) 1. Find the amount...
What is interest? Define simple interest Define compound interest What are the differences between simple & compound Interest? What does the term equivalence mean in Engineering economic analysis? Be able to give examples that are NOT economic. . What are the similarities and differences between nominal and effective interest? What is continuous compounding, and how does it work? What is a compounding period? What is the usual (by convention)compounding period? What is frequency of compounding? How does it differ from...
For an investment of $100,000 at 5% interest for 8 years, find (a) the simple interest & (b) the compound interest if interest is calculated once per year.
Simple Interest USE A 360 DAY YEAR Calculate the simple interest amount and the future value using the simple interest formula. 365 day year Principal Interest Rate Time Simple Interest Amount Future Value $ 18,000 4.5% 18 months $ 21,000 5% 1.75 Years $ 18,000 7.25% 9 months $ 1,000 8% 93 days $ 585 9% 193 days $ 1,200 12% 187 days 1) Leslie Hart borrowed $15,000 to pay for her child’s education. Leslie must repay the loan...
The face value of a simple discount note is $4,000. The bank discount is calculated at 12% for 60 days. Use ordinary interest. Calculate: A bank discount B. proceeds C. maturity value D. Effective rate to the nearest hundredth percent
sally put $1000 in a special account that earn 11% interest. how much interest (simple interest) did the account gain after 3 years
Sami's bank account earns 4% simple interest per year. If Sami deposits $500, how much simple interest will she earn in one year?
-What is the simple interest rate on a $1050 investment paying $738.15 interest in 19 years? -Chasity wants $9,000 saved in 3 years to make a down payment on a house. How much money should she invest now at 5.2% compounded annually in order to meet her goal?