MATH 120 Lecture 1: Chapter 5.1 Simple and Compound Interest
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Professor brendan sheehan chapter 5. 1 simple interest and compounding interest math 120. This equation is used to determine how much a person owes in interest at that specific point in time. Assume that time (t) is in years, unless otherwise stated. Always remember to restate what you were finding and whatever variable you were finding (years, dollars, percent, etc. ) Always round to two decimal places, unless otherwise stated. Principal: rate: 8% time (in months): 6. Find the simple interest on ,800 at 15. 25% for 121 days. Assume 360 days in a year and 30 days in a month. This is an example of just assuming that time (t) is in years. So this time, we"re trying to find the interest rate (r). Next, all we have to do is group the numbers onto the same side. We divide 500 and 4 from the right side, so we have to do it as well on the left side.
