{"id":1264,"date":"2021-05-20T12:40:21","date_gmt":"2021-05-20T16:40:21","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/?post_type=chapter&p=1264"},"modified":"2021-06-29T19:00:09","modified_gmt":"2021-06-29T23:00:09","slug":"videos-simple-interest","status":"web-only","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/chapter\/videos-simple-interest\/","title":{"raw":"Videos: Simple Interest","rendered":"Videos: Simple Interest"},"content":{"raw":"

What is Simple Interest?<\/h2>\r\n[embed]https:\/\/youtu.be\/oYjZDmvOXks[\/embed]\r\n
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  1. You deposit $1000 into a bank account that pays 10% simple. How much interest would you earn if:<\/li>\r\n<\/ol>\r\n

    (a) You left the money in for 2 years?<\/p>\r\n

    (b) You left the money in for 6 months?<\/p>\r\n

    (c) You left the money in for 9 months?<\/p>\r\n

    (d) Your deposit was March 3 and you withdrew the money November 7 the same year?<\/p>\r\n

    (e) Your deposit was on April 6 and you withdrew the money on Dec. 23 the same year?<\/p>\r\n

    (f) You made a deposit November 12, 2012, and withdrew the money March 15, 2013?<\/p>\r\n

    (g) You made a deposit October 28, 2012 and withdrew the money September 21, 2013?<\/p>\r\n[embed]https:\/\/youtu.be\/DE06Vnfjy7c[\/embed]\r\n

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    1. On December 1, your one year term deposit comes due and you collect the principal and $120 in interest. The term deposit paid 6% simple interest.\u00a0 How much money did you deposit?<\/li>\r\n<\/ol>\r\n \r\n
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      1. 18 months ago you purchased a bond that paid 7.5% simple interest. You cashed in the bond and received the principal plus $337.50 in interest.\u00a0 Find the principal.<\/li>\r\n<\/ol>\r\n[embed]https:\/\/youtu.be\/zgfRPmRqsIk[\/embed]\r\n
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        1. On May 31 you decided it was time to start a new life in the palm trees. You emptied out your bank account.\u00a0 You received your principal of $1750 and interest of $437.50.\u00a0\u00a0 How long had your money been in the bank if the account paid interest at 5% simple?<\/li>\r\n<\/ol>\r\n \r\n
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          1. On your 65th birthday you eagerly cash in one of your RRSP\u2019s. You receive a total of $4295.\u00a0 Your original investment was $3000 and the RRSP paid interest at 7% simple.\u00a0 How many months was your money in the RRSP?<\/li>\r\n<\/ol>\r\n \r\n
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            1. How long will it take you to double your money at 8% simple?<\/li>\r\n<\/ol>\r\n[embed]https:\/\/youtu.be\/sl5Cq8ThOrQ[\/embed]\r\n
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              1. On March 6th you deposit $3000 into a bank account. You withdraw the principal and interest totaling $3123.29 on December 31.\u00a0 What interest rate was paid?<\/li>\r\n<\/ol>\r\n \r\n
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                1. On December 16, 2011 you withdraw your entire Christmas fund of $2098.63 from your account. You deposited $2000 on February 19 of 2011 (not a leap year).\u00a0 What simple interest rate was paid?<\/li>\r\n<\/ol>\r\n[embed]https:\/\/youtu.be\/HSYGLrl1lDI[\/embed]\r\n
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                  1. You have decided to start a new car fund. You deposit $6000 into an account paying 10% simple interest.\u00a0 How much money will you have in 50 months?<\/li>\r\n<\/ol>\r\n \r\n
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                    1. On December 31 you repaid a loan to the Hammerhead Finance and Loan Company. You repaid $6000 which was principal and interest on a five year loan at 10% simple.\u00a0 How much money did you borrow?<\/li>\r\n<\/ol>\r\n[embed]https:\/\/youtu.be\/1tvO9vruNb4[\/embed]","rendered":"

                      What is Simple Interest?<\/h2>\n