Understanding Single Interest
H5N1 unmarried involvement is involvement earned at the goal of a specified menstruum of fourth dimension which does non touching on the sum of borrowed capital.Single Interest Formulas
Interest = (interest charge per unit of measurement per period) 10 (number of periods) 10 (capital)
Example of Single Interest Problem
H5N1 working capital alphabetic quality of $1,000 is levied amongst a unmarried charge per unit of measurement of 2%/month. Determine the involvement afterward 1 month!Resolution:
Interest = (interest charge per unit of measurement per period) 10 (number of periods) 10 (capital)
Interest = 2% 10 i 10 $1,000
Interest = $20
So the large involvement is $20.
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Reference :
- The To'Ali mass of sales together with accounting mathematics books