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Nifemi Ilori
10/01/2023
Maths
Simple Interest
This document explains how to calculate simple interest on savings accounts and loans. It covers the basic concept of interest rates and provides examples of interest calculations.
10/01/2023
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28
911
9
Reverse percentages
This is rules and instructions about Reverse percentage or original price
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Percentages
Helpful notes on the way of percentages!
3
242
10/8
Year 9 Assesment 3:Foundation
Year 9 Assesment 3:Foundation with working out and corrected answers!!
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1419
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ks3 math year 8 AQA
AQA year 8 term 3 main paper 1 all answers correct!
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This document explains how to calculate simple interest on savings accounts and loans. It covers the basic concept of interest rates and provides examples of interest calculations.
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Simple interest is a method used to calculate the amount of interest earned on savings or paid on loans. It is based on the principal amount, interest rate, and time period.
Definition: Simple interest is calculated on a yearly basis and depends on the interest rate, which is often given per annum .
When you deposit money into a bank or building society, you earn interest on your savings. Conversely, if you borrow money for a mortgage or other loan, you have to pay interest to the lender.
Example: Sally deposits £600 into an account with an interest rate of 5% per annum. To calculate the interest she receives in one year:
Therefore, Sally earns £30 in interest after one year.
To find out how much money Sally has in her account after one year:
Highlight: After one year, Sally will have £630 in her account.
The document also provides a practice question to reinforce the concept:
Example: Jamie's bank account pays interest at a rate of 4.3% per year. If he puts £850 into his account, how much will Jamie have after a year?
To solve this problem, you would:
Vocabulary:
- Principal: The original amount of money deposited or borrowed.
- Interest Rate: The percentage charged or earned on the principal amount.
- Per Annum: Latin for "per year," often used in financial contexts.
Understanding simple interest is crucial for managing personal finances effectively. It allows you to calculate potential earnings on savings or costs on loans accurately. This knowledge can help you make informed decisions about where to save your money or how to manage your debts.
Highlight: For those looking to maximize their savings, using a simple interest calculator or compound interest calculator can help compare different savings options. Many online tools, such as a simple interest calculator monthly or a bank interest calculator, can assist in these calculations.
Remember that while simple interest is straightforward to calculate, many financial products use compound interest, which can result in higher returns on savings or higher costs on loans over time. Always check whether an account or loan uses simple or compound interest when making financial decisions.
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very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
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Paul T
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The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
