Understanding of Interest Rate In Math
Interest is the service of a loan or savings paid at the halt of a mutually agreed period.Interest Rate Formulas
Interest Rate = (Interest / Loan at the beginning) x 100%
Example of Interest Rate Problem
Wulan Borrowed coin from decorating for $1,000. After 1 month, Wulan keeps returning uppercase together with involvement of $1,020. Please specify the involvement charge per unit of measurement paid yesteryear Wulan!Resolution:
Interest = $1,020 - 1,000
Interest = $20
Interest Rate = (Interest / Loan at the beginning) x 100%
Interest Rate = ($20 / $1,000) x 100%
Interest Rate = 2%
So the involvement charge per unit of measurement paid wulan is 2%.
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Reference :
- The To'Ali mass of sales together with accounting mathematics books