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Include its definition, formula and examples.

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Include its definition, formula if any and examples.

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Include 2 different examples

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Include its definition and examples

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A = P(1+rt)

A = final amount

P = initial principal balance

r = annual interest rate

t = time (in years)

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An item costs $300

There is a 10% discount

The item now costs $270

Discount means that a percentage of the cost of an item is removed from the cost of the item

https://youtu.be/5qxX222sLtE?si=eW9U_XDC4rqLMJ8H

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It is an interest charge that borrowers pay lenders for loan. Example, a car loan is $20,000. Your interest rate is 4%. To find the simple interest, we multiply 20000 × 0.04 × 1 year. So, by using simple interest, $20,000 at 4% for 5 years is ($20,000*0.04) = $800 in interest per year.

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I=P×r×t

A = P+I

A = final amount

P = initial principal balance

r = annual interest rate

I = interest amount

t= time (in year)

Simple interest is an interest charge that borrowers pay lenders for a loan. It is calculated using the principal only and does not include compounding interest.

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It describes the decrease in percentage or just value, eg. 10% discount on a $50 object would be $45.

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It describes the decrease in percentage or just value, eg. 10% discount on a $50 object would be $45.

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A down payment is a sum a buyer pays upfront when purchasing a home or car and is a percentage of the total purchase price. The higher the down payment, the less the buyer will need to borrow to complete the transaction, the lower their monthly payments, and the less they'll pay in interest over the long term.

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A discount is a reduction in the original price of a product or service, either as a percentage or a fixed amount off.

E.g: 10% discount of $100 is $10. Thus, if there is a 10% discount, we will save $10

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A way of working backwards on a percentage problem in order to find the original amount/value

X = (value ÷ y%) x 100

The cost of a TV inclusive of GST is $2160. GST is 8%

Original cost of TV = ($2160 ÷ 108%) x 100

= $2000

The original cost of a TV is $2000

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GST is goods and service tax. GST is a consumption tax that must be applied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax (VAT).

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A discount is a price reduction on a product or service to encourage purchases or reward loyalty. For example, if shoes originally priced at $100 have a 20% discount, the price after the discount would be $80.

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Down payment

a sum a buyer pays upfront when purchasing a home or car and is a percentage of the total purchase price. The higher the down payment, the less the buyer will need to borrow to complete the transaction, the lower their monthly payments, and the less they'll pay in interest over the long term.

Installment

one of the parts into which a debt is divided when payment is made at intervals. one of several parts (as of a publication) presented at intervals.

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How to Calculate a Discount and Sale Price | Math with Mr. J

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I = PRT/100

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Installment:
An installment is a partial payment of a larger amount, typically made at regular intervals, such as monthly or quarterly, to pay off a debt or purchase over time.

Down Payment:
A down payment is an initial payment made at the beginning of a purchase, typically a percentage of the total amount, to secure the transaction and reduce the amount financed.

Example:

Let's say you want to buy a car priced at SGD 50,000 in Singapore.

Down Payment: You pay 20% of the car's price, which is SGD 10,000, as a down payment.

Installment: You agree to pay the remaining SGD 40,000 through monthly installments of SGD 1,000 over 40 months.

In this example, the down payment reduces the amount you need to finance, and the installments allow you to pay off the remaining balance over time.

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Is there a way to help us remember simple Interest?

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Is there a way to help us remember simple Interest?