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INTEREST. 19
INTEREST.
The money paid for the use of borrowed capital is called
interest. It is usually figured by the year per 100 of the
principal.
Simple Interest.
Simple interest is computed by multiplying the principal by
the percentage, by the time, and dividing by 100.
What is the interest of #125, for 3 years, at 4% per year ?
Solution
:
125 X 4 X 3
100
#15
In Table No. 1, under the given rate per cent., find the
interest for the number of years, months, and days ; add these
together, and multiply by the principal invested, and the
product is the interest.
Example.
What is the interest of #600, invested at 6%, in 5 years,
3 months, and 6 days ?
Solution
:
#1.00 in 5 years at 6% = 0.30
" " 3 months " " = 0.015
" " 6 days " " = 0.001
0.316
600 = Principal.
#189.60 = Interest
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