Interest & hire purchase

Simple interest
Simple interest is calculated on the principal amount over a period of time.
\(I=\dfrac{PRT}{100}\), where&nbsp;\(I\) is the interest, \(P\) the principal, \(R\) the annual percentage rate and \(T\) the time in years.
The interest is constant for each year. Total amount \(=P+I\).

Simple interest is calculated on the principal amount over a period of time.

\(I=\dfrac{PRT}{100}\), where \(I\) is the interest, \(P\) the principal, \(R\) the annual percentage rate and \(T\) the time in years.

The interest is constant for each year. Total amount \(=P+I\).

Simple Interest

IP1U8 8.3.4 Conceptual Bridging (Simple Interest)

IP1U8 8.3.4 Conceptual Bridging (Simple Interest)

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