{"id":3066,"date":"2021-06-24T16:29:22","date_gmt":"2021-06-24T20:29:22","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/?post_type=chapter&p=3066"},"modified":"2021-06-28T14:00:56","modified_gmt":"2021-06-28T18:00:56","slug":"3-1-example-of-simple-interest","status":"publish","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/chapter\/3-1-example-of-simple-interest\/","title":{"raw":"3.1 Example of Simple Interest","rendered":"3.1 Example of Simple Interest"},"content":{"raw":"

Example 3.1.1<\/h2>\r\nIf the time is 48 days, then\r\n

[latex]t = \\frac{48}{365}\\; years[\/latex]<\/p>\r\nIf the time is 16 months, then\r\n

[latex]t=\\frac{16}{12}\\; years[\/latex]<\/p>\r\nNote: When the time is given in months, you will treat one month as being equal to [latex]\\frac{1}{12}[\/latex] year.\r\nIf the time is 2 years, then:\r\n

[latex]t=2 \\;years[\/latex]<\/p>\r\n\r\n

\r\n

Key Takeaways<\/p>\r\n\r\n<\/header>\r\n

\r\n\r\nBe very careful with rounding; be sure to input the exact fraction when using your calculator!\r\n\r\n \r\n\r\n<\/div>\r\n<\/div>\r\n

Your Own Notes<\/h2>\r\n
    \r\n \t
  • Are there any notes you want to take from this section? Is there anything you'd like to copy and paste below?<\/li>\r\n \t
  • These notes are for you only (they will not be stored anywhere)<\/li>\r\n \t
  • Make sure to download them at the end to use as a reference<\/li>\r\n<\/ul>\r\n[h5p id=\"1\"]","rendered":"

    Example 3.1.1<\/h2>\n

    If the time is 48 days, then<\/p>\n

    [latex]t = \\frac{48}{365}\\; years[\/latex]<\/p>\n

    If the time is 16 months, then<\/p>\n

    [latex]t=\\frac{16}{12}\\; years[\/latex]<\/p>\n

    Note: When the time is given in months, you will treat one month as being equal to [latex]\\frac{1}{12}[\/latex] year.
    \nIf the time is 2 years, then:<\/p>\n

    [latex]t=2 \\;years[\/latex]<\/p>\n

    \n
    \n

    Key Takeaways<\/p>\n<\/header>\n

    \n

    Be very careful with rounding; be sure to input the exact fraction when using your calculator!<\/p>\n

     <\/p>\n<\/div>\n<\/div>\n

    Your Own Notes<\/h2>\n
      \n
    • Are there any notes you want to take from this section? Is there anything you’d like to copy and paste below?<\/li>\n
    • These notes are for you only (they will not be stored anywhere)<\/li>\n
    • Make sure to download them at the end to use as a reference<\/li>\n<\/ul>\n
      \n