3.3.10

Simple Interest

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Simple Interest

Simple interest means that a percentage of the starting amount is paid at regular intervals.

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Types of simple interest

  • Annual interest is paid once per year and can be described as an amount being paid ‘per annum’.
  • Monthly interest is paid once per month.
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Calculating simple interest

  • The amount paid from 9% simple interest per annum on a £200 saving over 3 years would be:
    • 3 × 0.09 × £200 = £54.

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1Number

1.1Using Numbers

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1.4Accuracy

2Algebra

2.1Introduction to Algebra

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2.3Proofs & Functions

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2.5Common Graphs

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2.7Properties of Graphs

2.8Solving Equations

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3Ratio

4Geometry

4.1Introduction to Geometry

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5Probability

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