Midterm Math 125 OL
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A=P(1+rt) Solve for t
t= A-P/PR
A rule that allows financial institutions to calculate simple interest using 360 days in a year is called the _________ rule.
Banker's
The formula for calculating simple interest
I=Prt
When a loan is repaid, the interest is added to the original principal to find the total amount due, or future value. It is calculated as A=P+I=P+Prt=P(1+rt).
When a loan is repaid, the interest is added to the original principal to find the total amount due, or future value. It is calculated as A=P+I=P+Prt=P(1+rt).
What is the future value of a loan and how is it determined?
When a loan is repaid, the interest is added to the original principal to find the total amount due,or future value. It is calculated as A=P+I= P + Prt= P (1+rt).