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my first issue is... isn't the formula upside down? my second issue is... where are the decimal places coming from?
I thought it was Interest over Principal X Time And I thought 1750 X 5 was 8,750
ok, first of all, you should understand how the simple interest formula works. it goes like this: I=P*R*T when I is the interest you get after you inverst amount P at a rate R (rate can be found by dividing the percentage by 100) for time T in years. so..
you can rearange the formula, to find rate like this: I=P*R*T R=I/(PT)
because you divide both sides of I=PRT by PT
I get it but it reads R=(PT)/I
or am i just not inturpriting it right?
the formula is wrong in your example it should by R=I/(PT)
and what about the 1750 X 5 = 87.50?
the rest is correct, it is just that the formula is wrong, but the final answer is correct
i realize the final answer was correct by using an online calculator :) AND I think they worked it out using the correct formula. I just don't understand some if there math
I don't understand how 1750 * 2 1/2 = 87.5
oops, i ment 3500 * 2 1/2 = 87.5
well, the way these guys wrote it in that paper is completely nonsensical, so just delete it because the method of solving there is wrong and confusing
you should get some trustworthy questions, not stuff like that
simple interest is calculated at: I = Prt
Ok, thats what I needed to here :) This was provided to me by an online government career development program. Where is your "Thumbs up" button?
amistre, I already covered that abouve
...but..but... it so far up there......
it is near my name
by chance do you have a short explanation why this formula assumes 360 days in a year instead of 365?
it does not
accountants cant count? :)
i used the word formula for lack of better term maybe i should have said concept
it might have something to do with the Jewish culture, they started alot of this interest bearing stuff and they had 360 day years...
but the simple interest formula assumes 365, I am certain
they have provided me with more nonsense I assume :)
sure they have, that example you showed was enough to prove that those guys are MORONS, who ever they are
they translated 36 days as 36/360 for this formula
if you are interested in learning maths fast, and in a fun way, I know a great site
im interested in relearning math. I quit when I got to calculus years ago because I had poor trig skills
http://www.khanacademy.org this is the site. IT IS 100% free, I LOVE IT. It covers everything from calculus to percentages to biology
WATCH the intro vid
you will get an idea how to use it
here is the list of topics, when you click on topics, you are directed to videos
and above, the is a button practics, if you click on it you will be given some questions
I love that its free. I paid $600 for this nonsense schooling :P
well, just watch the intro video at the homepage of http://www.khanacademy.org/#browse
Simple interest normally uses a 360-day year for simplicity, i.e., 30 day months. Interest calculated this way earns a little more than if using a 365-day year. Here is an example for a 90 day loan ... from google
yea, but it depends on a problem and scenario, believe me, my text book uses 365
I read banks use 360 and the federal reserve uses 365
http://www.khanacademy.org/ this video intro is like 20 min, but it is cool, you will understand how the site works, it also has bill gate at the end :)
So, again, where are these thumbs up fan buttons?
just click"become a fan" next to the screen name its in blue
it is the blue "Become a fan" button
do you see it?
Im gussing my adblocker is hiding it
thats because you only have one post/question created, if you ask another question, the fan system should be unlocked for you
but it is not a big deal anyways =D just a game :)
is it inline on this page, or supposed to be in the info that appears on hover?
Oh ok, odd says im a lifesaver?
inline, and on the info, but as i have said, you have to have atleast a few questions. You are a lifesaver because I faned you :)
today, yours should say sanity saver
well, just use the http://www.khanacademy.org site to learn stuff, using those videos I learned calculus derivatives like in 2 hours
it is simply cool, MILLIONS use it, just watch the intro vid, and you will be hooked
all i remember about calculus is that they asked to find the rate of change between point A and point A, and when it wasn't 0 I was throughly confused :)
I will defiantly check that site out, and will likely return here with questions. I will do my best to fan you when i'm allowed to. Thanks for your time and patience! See ya soon