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Solve interest problems by john michael





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Solve interest problems by
Article Posted: 10/04/2012
Article Views: 517
Articles Written: 45
Word Count: 474
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Solve interest problems


 
Education,Free Web Resources,Science & Technology
Introduction on how to solve interest problems : Simple interest:

Simple interest is money we can gain by initially investing some money (the principal). A percentage (the interest) of the principal amount is added to the principal, it will make our initial investments grow.

Compound interest:

In compound interest we can learn how our money is growing over time with compound interest.

Solve Interest Problems : Solved Example for Simple Interest:

Problem 1:

We want to solve the interest on $1000 at 10% interest per year after 2 year(s) in the simple interest form.

Sol:

The formula for solve simple interest problem is:

I = P * r * t

Where:

P is the principal amount, $1000.00. r is the interest rate, 10% per year, or in decimal form, 10/100=0.1. t is the time involved, 2....year(s) time periods. So, t is 2....year time periods.

To find the simple interest, we multiply 1000 × 0.1 × 2 to get that:

Therefore the interest is: $200.00.

Generally now, the interest is added onto the principal to figure some new amount after two year(s), or 1000.00 + 200.00 = 1200.00. Solve Interest Problems : Solve Compound Interest:

Problem 2:

We want to solve our new principal from compound interest problem:

an initial investment of $500 at 5% annual interest, compounded 2 times per year, After 2 year(s).

Sol:

In this problem the annual interest rate attached to our money is 5%. Since it is compounded 2 times a year, the interest rate at each compounding time is 5% ÷ 2 or 2.5%.

Before we start, be sure to convert our interest rate at the time of compounding, 2.5%, into a decimal by dividing it by 100, so 2.5% becomes 0.025 for calculation purposes.

The new principal can be found by applying this formula:

New Principal = Current Principal × (1 + r)

Where r is our interest rate at the time of compounding, in this case 2.5% (or 0.025 in the calculations).

Year 1, compounding time #1

Our new principal $500.00 + $12.50 = $512.50

Year 1, compounding time #2

Our new principal $512.50 + $12.81 = $525.31

Year 2, compounding time #1

Our new principal $525.31 + $13.13 = $538.45

Year 2, compounding time #2

Our new principal $538.45 + $13.46 = $551.91

Mathematically though, this is equivalent to multiplying our original principal by the factor (1+0.025)4.

If we do this, we will get our final amount is:

$500.00 * (1+0.025) 4 = $ 551.91

Therefore after two years we can get $551.91.

Know more Simple Interest i found this interesting link What is a Function

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