The answer for rate in simple interest is =rate= simple interest\principle*time
I=PRT I=Interest P=Pecuniary(money) R= Rate(interest) T= Time
5.83$ === Solution Method: 1. "ordinary interest" = "simple interest" <-- which is the correct financial term to use. 2. 7% APR interest can be expressed in any increment that you wish, by dividing it by a specific period of time (e.g.: annually rate = .07/1, monthly rate = .07/12, weekly rate = .07/(365/7), daily rate = .07/365 3. In your case, you want to compute the interest for 2 month as follows: (.07/12) * 2 * 500$ = 5.83$ <-- this is the simple interest owed
Draw a flow chart to calculate simple interest with 10% rate if time is greater than 2 yrs otherwise calculate simple interest with 5%.
So ordinary interest is 30 days collecting or gathering interest on a dollar and exact is collecting or gathering 1 year interest on a dollar.
The formula for simple (ordinary) interest on a bank deposit is Deposit Amount x Rate x Time (# of days) on Deposit.
The answer for rate in simple interest is =rate= simple interest\principle*time
example of ordinary interest
time(t)= interest/rate , princaple
the formula for simple interest is I=PRT (interest=principal x rate x time )
simple interest = principle (money) times the rate times the time
$494.34 Interest= principal amount * time* simple interest %
I=PRT I=Interest P=Pecuniary(money) R= Rate(interest) T= Time
5.83$ === Solution Method: 1. "ordinary interest" = "simple interest" <-- which is the correct financial term to use. 2. 7% APR interest can be expressed in any increment that you wish, by dividing it by a specific period of time (e.g.: annually rate = .07/1, monthly rate = .07/12, weekly rate = .07/(365/7), daily rate = .07/365 3. In your case, you want to compute the interest for 2 month as follows: (.07/12) * 2 * 500$ = 5.83$ <-- this is the simple interest owed
The simple interest in this case is $145,000. It is calculated by multiplying the amount by the interest rate and the length of time.
Draw a flow chart to calculate simple interest with 10% rate if time is greater than 2 yrs otherwise calculate simple interest with 5%.
time= interest/principal x rate likee yeahh thats it