Alright, listen up, honey. To solve simple investment problems using simple interest, you just need to multiply the principal amount by the interest rate and the time period. Add the interest to the principal, and voila, you've got your total amount. It's basic math, darling, nothing to lose sleep over.
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When each interest calculation uses the initial amount, this is called Simple Interest. The other type is Compound Interest, which uses the current balance as the basis for interest calculation.
Simple interest: 100/6 ie 16.67%
A simple formula can be used to calculate the amount the dollar invested is worth over a monthly period. Use PV*(1+R)/N where PV is your present investment, R is your interest rate and N is the number of investment periods.
3000
it affects the result of your investment excercise by changing the percentage yearly! PS: Your working on your Personal Management Merit badge for trail to Eagle right?