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Math Definitions - Letter S


Chapters

Simple Interest

Definition of Simple Interest

Definition of Simple Interest

Simple interest is interest that is calculated as a percentage of the original value of a loan or investment.

It doesn't take any additional payments, deposits, interest earned or interest paid into account.

For example, if Gus borrows \(\$2000\) for 5 years at a simple interest rate of \(5\%\), he will pay a total of \(5 \times \dfrac{5}{100} \times \$2000 = \$500\) interest.

The same amount (\(\$100)\) of interest is paid each year, regardless of any repayments that Gus might make.

Description

The aim of this dictionary is to provide definitions to common mathematical terms. Students learn a new math skill every week at school, sometimes just before they start a new skill, if they want to look at what a specific term means, this is where this dictionary will become handy and a go-to guide for a student.



Audience

Year 1 to Year 12 students

Learning Objectives

Learn common math terms starting with letter S

Author: Subject Coach
Added on: 5th Feb 2018

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