Transcription of Simple and Compound Interest
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Simple and Compound Interest
8 Simple and CompoundInterestInterest is the fee paid for borrowed money. We receiveinterest when we let others use our money (for example, bydepositing money in a savings account or making a loan).We payinterest when we use other people s money (suchas when we borrow from a bank or a friend). Are you a receiver or a payer ?In this chapter we will study Simple and compoundinterest. Simple interestis Interest that is calculated onthe balance owed but not on previous Interest . Compoundinterest, on the other hand, is Interest calculated on anybalance owed including previous Interest .
Simple and Compound 8 Interest ... Before calculating the amount of interest for these loans, we must know how to count days. One method is to look at a regular calen-dar and start counting: the day after the date of the loan is day 1, and so on. However, that method
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