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6.21: Simple Interest

Difficulty Level: Basic Created by: CK-12
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Vocabulary

Compound interest

Compound interest refers to interest earned on the total amount at the time it is compounded, including previously earned interest.

future value

In the context of earning interest, future value stands for the amount in the account at some future time t.

Interest

Interest is a percentage of lent or borrowed money. Interest is calculated and accrued regularly at a specified rate.

Interest Rate

The interest rate is the percentage at which interest accrues.

present value

In the context of earning interest, present value stands for the amount in the account at time 0.

Principal

The principal is the amount of the original loan or original deposit.

Simple Interest

Simple interest is interest calculated on the original principal only. It is calculated by finding the product of the the principal, the rate, and the time.

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Difficulty Level:
Basic
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Date Created:
Dec 02, 2015
Last Modified:
Jan 30, 2017
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MAT.ARI.761.L.2