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Simple Interest

Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e. the amount borrowed). Simple interest is calculated only on the principal amount, or on that portion of the principal amount that remains. It excludes the effect of compounding.

The future value equals the present value times the sum of 1 and the interest rate times the number of interest periods.

Formula

QuantityVariable["FV", "Money"] == (1 + QuantityVariable["i", "Unitless"]*QuantityVariable["n", "Unitless"])*QuantityVariable["PV", "Money"]

symbol description physical quantity
FV future value "Money"
i interest rate "Unitless"
n interest periods "Unitless"
PV present value "Money"

Forms

Examples

Get the resource:

In[1]:=
ResourceObject["Simple Interest"]
Out[1]=

Get the formula:

In[2]:=
FormulaData[ResourceObject["Simple Interest"]]
Out[2]=

Use some values:

In[3]:=
FormulaData[ ResourceObject[ "Simple Interest"], {QuantityVariable["FV","Money"] -> Quantity[1400., "USDollars"], QuantityVariable["n","Unitless"] -> 5, QuantityVariable["PV","Money"] -> Quantity[1000., "USDollars"]}]
Out[3]=

Publisher Information