MAE1 07-08-23

What is the simple interest formula?

• I=Pin

• I=P/in

• i=PIn

• i=PIN

What does the i stand for in the simple interest formula

• interest calculated

• Principal (money borrowed or invested)

• interest rate as a decimal per a time period

• number of time periods for which interest is calculated

What does the P stand for in the simple interest formula

• interest calculated

• Principal (money borrowed or invested)

• interest rate as a decimal per a time period

• number of time periods for which interest is calculated

What does the I stand for in the simple interest formula

• interest calculated

• Principal (money borrowed or invested)

• interest rate as a decimal per a time period

• number of time periods for which interest is calculated

What does the n stand for in the simple interest formula

• interest calculated

• Principal (money borrowed or invested)

• interest rate as a decimal per a time period

• number of time periods for which interest is calculated

Calculate the following amount correct to 2 decimal places.

35% of 90

Mathematical Equivalence

ON

Calculate the following amount correct to 2 decimal places.

49% of 600

Mathematical Equivalence

OFF

Calculate the following amount correct to 2 decimal places.

1.5³

Mathematical Equivalence

OFF

Calculate the following amount correct to 2 decimal places.

3.5⁴

Mathematical Equivalence

OFF

​ (a)   is calculated using an interest rate on the same amount of money each ​ (b)   . ​ (c)   using simple interest require the borrowed amount and the ​ (d)   to be repaid.

• Simple interest
• time period
• Loans
• interest
• time
• compound interest
• investment