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simple interest formula math is fun. Sometimes Math is Fun and sometimes it could be a surprising fact too. N is the number of periods.
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Alex borrows 1000 for 5 Years at 10 simple interest. PV FV1r n. Click on the denominations in the cash drawer so that they add up to the correct answer.
So the interest is 3 1000 10 300.
Pay the same amount of interest every year. A 3-year loan of 1000 at 10 costs 3 lots of 10. Calculate the interest that Sally receives in one year and find how much money she has in the account after one year. That is how simple interest works.
