14
Additional Examples
Loans
Simple Annual Interest
See appendix F for RPN keystrokes for this example.
Example: Simple Interest at an Annual Rate. Your good friend needs a loan to start her latest enterprise and has requested that you lend her $450 for 60 days. You lend her the money at 7% simple annual interest, to be calculated on a
⋅ 60 days
The interest is: (7% of $450)
365 days
vKeys: | Display: | Description: |
450 *7 % | | Annual interest. |
*60 /365 | | Actual interest for 60 |
+ | | days. |
450 = | | Add principal to get total |
|
| debt |
A Solver Equation for Simple Annual Interest:
DEBT = the total owed at the end of the loan period.
LOAN = the original amount (principal) lent.
I% = the annual interest rate as a percent.
DAYS = the number of days in the loan.
190 14: Additional Examples
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