20060301
I
Example 2
What is the simple interest ([SI]) on a principal amount of $10,000 (PV) invested or borrowed
for 120 days (Days) at 5% per annum (
I
%)?
•
This indicates that the simple interest is $164.3835616.
Calculation Formula
s
365-day Mode
SI'
=
Dys
365
×
PV
×
i
I
%
100
i
=
360-day Mode
SI'
=
Dys
360
×
PV
×
i
I
%
100
i
=
SI
= –
SI'
SFV
= –(
PV
+
SI'
)
15-2-2
Simple Interest
Summary of Contents for ClassPad 330
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