maths & business;simple interest

Learning mathematics via applying the perspective of bussiness seems quite hard for me. For this certain topic, i've learnt about interest. yes, interest. Most probably we know for sure that "interest" is a good thing. And from what i have learnt about the word interest that originates from the latin word intereo meaning to be lost. The word is then developed further from the concept of lending money results in loss to the lender.

The study of interest is ultimately important for the economic sectors of our country. Indeed there are other fields which will unite towards the beneficial of the country.

Primarily, the first definition for interest is the money earned when money is invested. It is like when you deposited RM1000 in a bank for a year and at the end of the year you find that you have RM1050 in your account. The additional amount of RM50 is the interest you earned when you invested RM1000.

Secondly, the word interest also defines as the charge incurred when a loan or credit is obtained. The second definition is related very much to the principle of borrowing money from the bank. Let say, you borrow RM2000 from a bank. Later on, when you pay back the sum of money to the same bank, you are to pay an additional amount of RM 90. The additional amount is the charge or interest that you need to pay.

In each field of solving mathematics, certainly scholars and mathematician had figured the formula and the way of solving it. In this particular topic, interest calculated on the original principle for the entire period it is borrowed or invested.

• I=Prt

where I is the simple interest, P is the principle, r is the rate of simple interest and t is the time or term in years.

This blog is written to simplify the introduction of this topic. Do comment and give review for the betterment of my upcoming blog. thank youu. :D

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