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Q: When calculating simple interest you should first do what?
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When calculating simple interest you should first?

When calculating simple interest, you should first


What should you do first when calculating simple interest?

change the percent to a decimal


What is the calculation for a simple compound interest rate?

There is simple interest and there is compound interest but this question is the first that I have heard of a simple compound interest.


Which of these steps should be performed first to calculate simple interest?

change % to decimal


The concepts of simple interest and compound interest?

With simple interest, you just multiply the capital, the number of years, and the yearly interest rate. For example, for a capital of 10,000 dollars, 3% interest, 10 years, that would give you 10,000 x 3/100 x 10 = 3,000 dollars interest.With compound interest, after the end of every year, the interest is added to the capital, before calculating the interest for next year.In the example above, the first year you get 10,000 x 0.03 = 300 dollars. This is then added to the capital, before calculating the interest rate for the next year; so, the second year you get 10,300 x 0.03 = 309 dollars interest.


What makes the simple interest simple?

It is interest on simply the original capital. After the first period, compound interest involves interest on the interest earned in previous periods and soit not simple.


Disadvantage of simple interest?

Simple interest is calculated on the principal amount only, which may sound like a good idea at first. The problem with simple interest loans is that the interest is calculated daily instead of monthly. This means you will end up paying more in interest with a simple interest loan.


Who invented a calculating machine?

The first counting machine known to man was an abacus. This simple machine was invented by the Chinese.


Who invented the simple interest formula?

The first money lender, of course!


What should be the first step in calculating a monthly credit card finance charge?

change the percent to a decimal


The first calculating machine?

The name of first calculating machine is known as ABACUS.


Earliest calculating device?

The earliest recorded calculating device is the abacus. Used as a simple computing device for performing arithmetic, the abacus most likely appeared first in Babylonia (now Iraq) over 5000 years ago.


Who was the inventor of the calculating machine?

The first inventor of the calculating machine was Blaise Pascal.


Interest Calculator: Understanding How Interest Works?

At some point in time, you will have to deal with interest. If you have a savings account or a certificate of deposit account, you will be gaining interest. If you have a loan or credit card, you will be paying it. Either way, it is important to understand how interest is figured out. There are two types of interest you should understand. Below is a guide to figuring out simple interest and compound interest. Simple Interest Simple interest is the amount of interest you gain or pay based on a principal balance. The simple interest rate you are given is based on a principal balance. To figure out simple interest, you multiply the principal balance by the interest rate. You then multiply that by the duration. If you want to figure out how much interest you gain after one year, you would use one for the duration. If you want to figure out how much interest you would get after three months, you would use one quarter for the duration. For example, if you have $100 deposited in to a savings account with a 2% interest rate and want to know how much interest you will gain after 6 months, you would set multiply 100 by .02 by .5. That will tell you that you earned $1 of interest after 6 months. Compound Interest Compound interest is similar to simple interest. The difference is that interest is eventually added to the principal. This changes the principal balance after a certain amount of time. The time can vary, but it usually compounds annually. The equation works similarly, except your principal will change. Using the same example above, let's say you want to figure out how much the interest will be after two years. For the first year, your principal would be $100. You would then multiply that by 2%. This means you gain $2 of interest after one year. This then becomes part of the principal. For the second year, you are multiplying $102 by 2%. This means over the course of two years, this means your total interest is $4.04. When calculating interest for credit cards, most companies usually use your average daily balance. Essentially, you would add up your daily balances over the course of a month and then divide that by the number of days in the month. Then, divide your annual interest rate by 365 to get the daily interest rate. Multiply your average daily balance by the daily interest rate. Then, multiply this number by the number of days in the month. That will tell you how much interest you must pay that month.


What is the difference between simple interest and compound interest is one better than the other why or why not?

With compound interest, after the first period you interest is calculated, not only on the original amount but also on the amount of interest from earlier periods. As to "better" or not, the answer depends on whether you are earning it on savings or paying it on borrowing!


Name the first calculating device?

abacus


Lisa deposits 7000 into an account that pays a simple interest rate of 3 percent a year How much interest will she be paid in the first 6 years?

7000*0.03*6 = 1260


How do you convert simple interest to compound interest?

There is a quick and dirty way to convert simple interest to compound interest. First you need to know how long it will take to double your initial number. For Example: Let's say that you find an investment that pays 10% simple interest. That means it takes 10 years to double your investment. We then use the rule of 72 to determine the rate of compound return will give an equivalent time. The rule of 72 says that you divide either the rate of return or the time period into 72 to come up with the other. So, in this example we want to know what interest rate would double our money in 10 years. divide 72 by 10 = 7.2 This means that 7.2% compound interest is equal to 10% simple interest.


What is the first calculating machine?

The very first calculating "machine" was human hands and fingers. The abacus was next in about 300 BC.


What year did William Seward Burroughs invent first calculating machine?

he filed the patent for his first calculating machine in 1885 then improved one in in 1892


What does compounding interest mean?

compounding of interest refers to the action wherein, the interest paid to us over a period of time would increase gradually.Ex: Lets say you invest Rs. 10000/- at 10% per annum which is compounded every quarter.So interest for first quarter: Rs. 250/-Principal at the end of first quarter: 10,250/-Interest for second quarter: Rs. 256.25/-Principal at the end of second quarter: 10,506.25/-the increase in interest in the second quarter is because, the interest paid during the first quarter is also considered for interest payment in the second quarter. So, even though the principal amount we invested remains the same the interest varies because of compounding of interest.The shorter the compounding period, greater is the interest earned.Simple interest is to charge interest on the principle amount.compound interest is the interest calculated on the simple interest!


Leila deposits 2340 into an account that pays simple interest at a rate of 6 percent per year How much interest will she be paid in the first 5 years?

Simple interest formula: fv = pv*(1+rt) Where: fv = future value pv = present (initial) value r = interest rate t = time period So, fv = 2340*(1+0.06*5) = 2340*(1+0.03) =2340*1.03 = 2410.20 So the simple interest received is (2410.20 - 2340) $70.20. :)


What is subordination of individual interest to general interest?

The interests of any one employee should not take precedence over the interests of the organization as a whole. That means that an organization must take care of the interest of the single employee first so every employee should take care of the whole organization's interest as their own interest as well.


How do you solve interest rate math problems?

First you figure out the Principal, then you find the interest rate and then find the Time someone gave you to pay back loaned or borrowed money.Formula: Simple Interest= Principal*Rate*TimeExample: Principal-$25,000 Interest Rate- 6.25 simple interest- 6 years$25,000 x .0625 x 6= $9375!


How do you find the percent paid on interest?

You would first find the percent (if it was 5% interest (for example) on a calculator you would do the amount then multiply by 5, then click the percent, by hand: you would multiply the amount you paid for then multiply by 0.05 then you would get the interest; simple math :D