{"id":378,"date":"2016-10-11T21:42:11","date_gmt":"2016-10-11T21:42:11","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/math4libarts\/?post_type=chapter&#038;p=378"},"modified":"2021-02-05T23:58:32","modified_gmt":"2021-02-05T23:58:32","slug":"simple-interest","status":"web-only","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/slcc-mathforliberalartscorequisite\/chapter\/simple-interest\/","title":{"raw":"Simple Interest","rendered":"Simple Interest"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Outcomes<\/h3>\r\n<ul>\r\n \t<li>Calculate one-time simple interest<\/li>\r\n \t<li>Calculate simple interest over time<\/li>\r\n \t<li>Determine APY given an interest scenario<\/li>\r\n<\/ul>\r\n<\/div>\r\n<h2>Principal and Interest<\/h2>\r\nDiscussing interest starts with the <strong>principal<\/strong>, or amount your account starts with. This could be a starting investment, or the starting amount of a loan. Interest, in its most simple form, is calculated as a percent of the principal. For example, if you borrowed $100 from a friend and agree to repay it with 5% interest, then the amount of interest you would pay would just be 5% of 100: $100(0.05) = $5. The total amount you would repay would be $105, the original principal plus the interest.\r\n<div class=\"textbox examples\">\r\n<h3>recall converting percent to a decimal<\/h3>\r\nTo convert a percent to a decimal, remove the % symbol and move the decimal place two places to the left.\r\n\r\nEx. 5% = 0.05,\u00a0 25% = 0.25, and 100% = 1.0\r\n\r\nTo take 5% of $100 as in the paragraph above, write the percent as a decimal translate the word\u00a0<em>of<\/em> as multiplication.\r\n\r\nEx. 5% of $100 =&gt; [latex]0.5\\cdot100=5[\/latex].\r\n\r\n<\/div>\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1141\/2016\/11\/23200620\/money-1604921_1280.jpg\"><img class=\"aligncenter wp-image-553 size-large\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1141\/2016\/11\/23200620\/money-1604921_1280-1024x682.jpg\" alt=\"four rolled-up dollar bills seeming to grow out of dirt, with a miniature rake lying in between them\" width=\"1024\" height=\"682\" \/><\/a>\r\n<div class=\"textbox\">\r\n<h3>Simple One-time Interest<\/h3>\r\n[latex]\\begin{align}&amp;I={{P}_{0}}r\\\\&amp;A={{P}_{0}}+I={{P}_{0}}+{{P}_{0}}r={{P}_{0}}(1+r)\\\\\\end{align}[\/latex]\r\n<ul>\r\n \t<li><em>I<\/em> is the interest<\/li>\r\n \t<li><em>A<\/em> is the end amount: principal plus interest<\/li>\r\n \t<li>[latex]\\begin{align}{{P}_{0}}\\\\\\end{align}[\/latex] is the principal (starting amount)<\/li>\r\n \t<li><em>r<\/em> is the interest rate (in decimal form. Example: 5% = 0.05)<\/li>\r\n<\/ul>\r\n<\/div>\r\n<div class=\"textbox exercises\">\r\n<h3>Examples<\/h3>\r\nA friend asks to borrow $300 and agrees to repay it in 30 days with 3% interest. How much interest will you earn?\r\n[reveal-answer q=\"227650\"]Show Solution[\/reveal-answer]\r\n[hidden-answer a=\"227650\"]\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>[latex]\\begin{align}{{P}_{0}}\\\\\\end{align}[\/latex] = $300<\/td>\r\n<td>the principal<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><em>r<\/em> = 0.03<\/td>\r\n<td>3% rate<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><em>I<\/em> = $300(0.03) = $9.<\/td>\r\n<td>You will earn $9 interest.<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n[\/hidden-answer]\r\n\r\nThe following video works through this example in detail.\r\n\r\nhttps:\/\/youtu.be\/TJYq7XGB8EY\r\n\r\n&nbsp;\r\n\r\n<\/div>\r\nOne-time simple interest is only common for extremely short-term loans. For longer term loans, it is common for interest to be paid on a daily, monthly, quarterly, or annual basis. In that case, interest would be earned regularly.\r\n\r\nFor example, bonds are essentially a loan made to the bond issuer (a company or government) by you, the bond holder. In return for the loan, the issuer agrees to pay interest, often annually. Bonds have a maturity date, at which time the issuer pays back the original bond value.\r\n<div class=\"textbox exercises\">\r\n<h3>Exercises<\/h3>\r\nSuppose your city is building a new park, and issues bonds to raise the money to build it. You obtain a $1,000 bond that pays 5% interest annually and matures in 5 years. How much interest will you earn?\r\n[reveal-answer q=\"14596\"]Show Solution[\/reveal-answer]\r\n[hidden-answer a=\"14596\"]Each year, you would earn 5% interest: $1000(0.05) = $50 in interest. So over the course of five years, you would earn a total of $250 in interest. When the bond matures, you would receive back the $1,000 you originally paid, leaving you with a total of $1,250.[\/hidden-answer]\r\n\r\nFurther explanation about solving this example can be seen here.\r\n\r\nhttps:\/\/youtu.be\/rNOEYPCnGwg\r\n\r\n<\/div>\r\nWe can generalize this idea of simple interest over time.\r\n<div class=\"textbox\">\r\n<h3>Simple Interest over Time<\/h3>\r\n[latex]\\begin{align}&amp;I={{P}_{0}}rt\\\\&amp;A={{P}_{0}}+I={{P}_{0}}+{{P}_{0}}rt={{P}_{0}}(1+rt)\\\\\\end{align}[\/latex]\r\n<ul>\r\n \t<li><em>I<\/em> is the interest<\/li>\r\n \t<li><em>A<\/em> is the end amount: principal plus interest<\/li>\r\n \t<li>[latex]\\begin{align}{{P}_{0}}\\\\\\end{align}[\/latex] is the principal (starting amount)<\/li>\r\n \t<li><em>r<\/em> is the interest rate in decimal form<\/li>\r\n \t<li><em>t<\/em> is time<\/li>\r\n<\/ul>\r\nThe units of measurement (years, months, etc.) for the time should match the time period for the interest rate.\r\n\r\n<\/div>\r\n&nbsp;\r\n<div class=\"textbox\">\r\n<h3>APR \u2013 Annual Percentage Rate<\/h3>\r\n<em>APR is for interest paid by consumer on loans, APY is for interest paid to consumer on savings<\/em>\r\n<h3>APY \u2013 Annual Percentage Yield<\/h3>\r\nInterest rates are usually given as an <strong>annual percentage yield (APY)<\/strong> \u2013 the total interest that will be paid in the year. If the interest is paid in smaller time increments, the APY will be divided up.\r\n\r\nFor example, a 6% APY paid monthly would be divided into twelve 0.5% payments.\r\n[latex]6\\div{12}=0.5[\/latex]\r\n\r\nA 4% annual rate paid quarterly would be divided into four 1% payments.\r\n[latex]4\\div{4}=1[\/latex]\r\n\r\n<\/div>\r\n<div class=\"textbox exercises\">\r\n<h3>Example<\/h3>\r\nTreasury Notes (T-notes) are bonds issued by the federal government to cover its expenses. Suppose you obtain a $1,000 T-note with a 4% annual rate, paid semi-annually, with a maturity in 4 years. How much interest will you earn?\r\n[reveal-answer q=\"529216\"]Show Solution[\/reveal-answer]\r\n[hidden-answer a=\"529216\"]\r\n\r\nSince interest is being paid semi-annually (twice a year), the 4% interest will be divided into two 2% payments.\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td>[latex]\\begin{align}{{P}_{0}}\\\\\\end{align}[\/latex] = $1000<\/td>\r\n<td>the principal<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><em>r<\/em> = 0.02<\/td>\r\n<td>2% rate per half-year<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><em>t<\/em> = 8<\/td>\r\n<td>4 years = 8 half-years<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><em>I<\/em> = $1000(0.02)(8) = $160.<\/td>\r\n<td>\u00a0You will earn $160 interest total over the four years.<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n[\/hidden-answer]\r\n\r\nThis video explains the solution.\r\n\r\nhttps:\/\/youtu.be\/IfVn20go7-Y\r\n\r\n<\/div>\r\n<div class=\"textbox key-takeaways\">\r\n<h3>Try It<\/h3>\r\n[ohm_question]72467[\/ohm_question]\r\n\r\n<\/div>\r\n<div class=\"textbox key-takeaways\">\r\n<h3>Try It<\/h3>\r\nA loan company charges $30 interest for a one month loan of $500. Find the annual interest rate they are charging.\r\n[reveal-answer q=\"288479\"]Show Solution[\/reveal-answer]\r\n[hidden-answer a=\"288479\"]\r\n\r\nI = $30 of interest\r\n[latex]P_0[\/latex] = $500 principal\r\nr = unknown\r\nt = 1 month\r\n\r\nUsing [latex]I = P_0rt[\/latex], we get [latex]30 = 500\u00b7r\u00b71[\/latex]. Solving, we get r = 0.06, or 6%. Since the time was monthly, this is the monthly interest. The annual rate would be 12 times this: 72% interest.\r\n\r\n[\/hidden-answer]\r\n\r\n<\/div>\r\n<div class=\"textbox key-takeaways\">\r\n<h3>Try It<\/h3>\r\n[ohm_question]929[\/ohm_question]\r\n\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li>Calculate one-time simple interest<\/li>\n<li>Calculate simple interest over time<\/li>\n<li>Determine APY given an interest scenario<\/li>\n<\/ul>\n<\/div>\n<h2>Principal and Interest<\/h2>\n<p>Discussing interest starts with the <strong>principal<\/strong>, or amount your account starts with. This could be a starting investment, or the starting amount of a loan. Interest, in its most simple form, is calculated as a percent of the principal. For example, if you borrowed $100 from a friend and agree to repay it with 5% interest, then the amount of interest you would pay would just be 5% of 100: $100(0.05) = $5. The total amount you would repay would be $105, the original principal plus the interest.<\/p>\n<div class=\"textbox examples\">\n<h3>recall converting percent to a decimal<\/h3>\n<p>To convert a percent to a decimal, remove the % symbol and move the decimal place two places to the left.<\/p>\n<p>Ex. 5% = 0.05,\u00a0 25% = 0.25, and 100% = 1.0<\/p>\n<p>To take 5% of $100 as in the paragraph above, write the percent as a decimal translate the word\u00a0<em>of<\/em> as multiplication.<\/p>\n<p>Ex. 5% of $100 =&gt; [latex]0.5\\cdot100=5[\/latex].<\/p>\n<\/div>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1141\/2016\/11\/23200620\/money-1604921_1280.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-553 size-large\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/1141\/2016\/11\/23200620\/money-1604921_1280-1024x682.jpg\" alt=\"four rolled-up dollar bills seeming to grow out of dirt, with a miniature rake lying in between them\" width=\"1024\" height=\"682\" \/><\/a><\/p>\n<div class=\"textbox\">\n<h3>Simple One-time Interest<\/h3>\n<p>[latex]\\begin{align}&I={{P}_{0}}r\\\\&A={{P}_{0}}+I={{P}_{0}}+{{P}_{0}}r={{P}_{0}}(1+r)\\\\\\end{align}[\/latex]<\/p>\n<ul>\n<li><em>I<\/em> is the interest<\/li>\n<li><em>A<\/em> is the end amount: principal plus interest<\/li>\n<li>[latex]\\begin{align}{{P}_{0}}\\\\\\end{align}[\/latex] is the principal (starting amount)<\/li>\n<li><em>r<\/em> is the interest rate (in decimal form. Example: 5% = 0.05)<\/li>\n<\/ul>\n<\/div>\n<div class=\"textbox exercises\">\n<h3>Examples<\/h3>\n<p>A friend asks to borrow $300 and agrees to repay it in 30 days with 3% interest. How much interest will you earn?<\/p>\n<div class=\"qa-wrapper\" style=\"display: block\"><span class=\"show-answer collapsed\" style=\"cursor: pointer\" data-target=\"q227650\">Show Solution<\/span><\/p>\n<div id=\"q227650\" class=\"hidden-answer\" style=\"display: none\">\n<table>\n<tbody>\n<tr>\n<td>[latex]\\begin{align}{{P}_{0}}\\\\\\end{align}[\/latex] = $300<\/td>\n<td>the principal<\/td>\n<\/tr>\n<tr>\n<td><em>r<\/em> = 0.03<\/td>\n<td>3% rate<\/td>\n<\/tr>\n<tr>\n<td><em>I<\/em> = $300(0.03) = $9.<\/td>\n<td>You will earn $9 interest.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p>The following video works through this example in detail.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"One time simple interest\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/TJYq7XGB8EY?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p>One-time simple interest is only common for extremely short-term loans. For longer term loans, it is common for interest to be paid on a daily, monthly, quarterly, or annual basis. In that case, interest would be earned regularly.<\/p>\n<p>For example, bonds are essentially a loan made to the bond issuer (a company or government) by you, the bond holder. In return for the loan, the issuer agrees to pay interest, often annually. Bonds have a maturity date, at which time the issuer pays back the original bond value.<\/p>\n<div class=\"textbox exercises\">\n<h3>Exercises<\/h3>\n<p>Suppose your city is building a new park, and issues bonds to raise the money to build it. You obtain a $1,000 bond that pays 5% interest annually and matures in 5 years. How much interest will you earn?<\/p>\n<div class=\"qa-wrapper\" style=\"display: block\"><span class=\"show-answer collapsed\" style=\"cursor: pointer\" data-target=\"q14596\">Show Solution<\/span><\/p>\n<div id=\"q14596\" class=\"hidden-answer\" style=\"display: none\">Each year, you would earn 5% interest: $1000(0.05) = $50 in interest. So over the course of five years, you would earn a total of $250 in interest. When the bond matures, you would receive back the $1,000 you originally paid, leaving you with a total of $1,250.<\/div>\n<\/div>\n<p>Further explanation about solving this example can be seen here.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-2\" title=\"Simple interest over time\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/rNOEYPCnGwg?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<\/div>\n<p>We can generalize this idea of simple interest over time.<\/p>\n<div class=\"textbox\">\n<h3>Simple Interest over Time<\/h3>\n<p>[latex]\\begin{align}&I={{P}_{0}}rt\\\\&A={{P}_{0}}+I={{P}_{0}}+{{P}_{0}}rt={{P}_{0}}(1+rt)\\\\\\end{align}[\/latex]<\/p>\n<ul>\n<li><em>I<\/em> is the interest<\/li>\n<li><em>A<\/em> is the end amount: principal plus interest<\/li>\n<li>[latex]\\begin{align}{{P}_{0}}\\\\\\end{align}[\/latex] is the principal (starting amount)<\/li>\n<li><em>r<\/em> is the interest rate in decimal form<\/li>\n<li><em>t<\/em> is time<\/li>\n<\/ul>\n<p>The units of measurement (years, months, etc.) for the time should match the time period for the interest rate.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"textbox\">\n<h3>APR \u2013 Annual Percentage Rate<\/h3>\n<p><em>APR is for interest paid by consumer on loans, APY is for interest paid to consumer on savings<\/em><\/p>\n<h3>APY \u2013 Annual Percentage Yield<\/h3>\n<p>Interest rates are usually given as an <strong>annual percentage yield (APY)<\/strong> \u2013 the total interest that will be paid in the year. If the interest is paid in smaller time increments, the APY will be divided up.<\/p>\n<p>For example, a 6% APY paid monthly would be divided into twelve 0.5% payments.<br \/>\n[latex]6\\div{12}=0.5[\/latex]<\/p>\n<p>A 4% annual rate paid quarterly would be divided into four 1% payments.<br \/>\n[latex]4\\div{4}=1[\/latex]<\/p>\n<\/div>\n<div class=\"textbox exercises\">\n<h3>Example<\/h3>\n<p>Treasury Notes (T-notes) are bonds issued by the federal government to cover its expenses. Suppose you obtain a $1,000 T-note with a 4% annual rate, paid semi-annually, with a maturity in 4 years. How much interest will you earn?<\/p>\n<div class=\"qa-wrapper\" style=\"display: block\"><span class=\"show-answer collapsed\" style=\"cursor: pointer\" data-target=\"q529216\">Show Solution<\/span><\/p>\n<div id=\"q529216\" class=\"hidden-answer\" style=\"display: none\">\n<p>Since interest is being paid semi-annually (twice a year), the 4% interest will be divided into two 2% payments.<\/p>\n<table>\n<tbody>\n<tr>\n<td>[latex]\\begin{align}{{P}_{0}}\\\\\\end{align}[\/latex] = $1000<\/td>\n<td>the principal<\/td>\n<\/tr>\n<tr>\n<td><em>r<\/em> = 0.02<\/td>\n<td>2% rate per half-year<\/td>\n<\/tr>\n<tr>\n<td><em>t<\/em> = 8<\/td>\n<td>4 years = 8 half-years<\/td>\n<\/tr>\n<tr>\n<td><em>I<\/em> = $1000(0.02)(8) = $160.<\/td>\n<td>\u00a0You will earn $160 interest total over the four years.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p>This video explains the solution.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-3\" title=\"Simple interest T-note example\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/IfVn20go7-Y?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<\/div>\n<div class=\"textbox key-takeaways\">\n<h3>Try It<\/h3>\n<p><iframe loading=\"lazy\" id=\"ohm72467\" class=\"resizable\" src=\"https:\/\/ohm.lumenlearning.com\/multiembedq.php?id=72467&theme=oea&iframe_resize_id=ohm72467&show_question_numbers\" width=\"100%\" height=\"150\"><\/iframe><\/p>\n<\/div>\n<div class=\"textbox key-takeaways\">\n<h3>Try It<\/h3>\n<p>A loan company charges $30 interest for a one month loan of $500. Find the annual interest rate they are charging.<\/p>\n<div class=\"qa-wrapper\" style=\"display: block\"><span class=\"show-answer collapsed\" style=\"cursor: pointer\" data-target=\"q288479\">Show Solution<\/span><\/p>\n<div id=\"q288479\" class=\"hidden-answer\" style=\"display: none\">\n<p>I = $30 of interest<br \/>\n[latex]P_0[\/latex] = $500 principal<br \/>\nr = unknown<br \/>\nt = 1 month<\/p>\n<p>Using [latex]I = P_0rt[\/latex], we get [latex]30 = 500\u00b7r\u00b71[\/latex]. Solving, we get r = 0.06, or 6%. Since the time was monthly, this is the monthly interest. The annual rate would be 12 times this: 72% interest.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"textbox key-takeaways\">\n<h3>Try It<\/h3>\n<p><iframe loading=\"lazy\" id=\"ohm929\" class=\"resizable\" src=\"https:\/\/ohm.lumenlearning.com\/multiembedq.php?id=929&theme=oea&iframe_resize_id=ohm929&show_question_numbers\" width=\"100%\" height=\"150\"><\/iframe><\/p>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-378\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Revision and Adaptation. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Finance. <strong>Authored by<\/strong>: David Lippman. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/www.opentextbookstore.com\/mathinsociety\/\">http:\/\/www.opentextbookstore.com\/mathinsociety\/<\/a>. <strong>Project<\/strong>: Math in Society. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>money-grow-interest-save-invest-1604921. <strong>Authored by<\/strong>: TheDigitalWay. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/pixabay.com\/en\/money-grow-interest-save-invest-1604921\/\">https:\/\/pixabay.com\/en\/money-grow-interest-save-invest-1604921\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><li>One time simple interest. <strong>Authored by<\/strong>: OCLPhase2&#039;s channel. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/TJYq7XGB8EY\">https:\/\/youtu.be\/TJYq7XGB8EY<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Simple interest over time. <strong>Authored by<\/strong>: OCLPhase2&#039;s channel. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/rNOEYPCnGwg\">https:\/\/youtu.be\/rNOEYPCnGwg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Simple interest T-note example. <strong>Authored by<\/strong>: OCLPhase2&#039;s channel. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/IfVn20go7-Y\">https:\/\/youtu.be\/IfVn20go7-Y<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Question ID 929. <strong>Authored by<\/strong>: Lippman,David. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: IMathAS Community License CC-BY + GPL<\/li><li>Question ID 72476. <strong>Authored by<\/strong>: Day,Alyson. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: IMathAS Community License CC-BY + GPL<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":20,"menu_order":19,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Finance\",\"author\":\"David Lippman\",\"organization\":\"\",\"url\":\"http:\/\/www.opentextbookstore.com\/mathinsociety\/\",\"project\":\"Math in Society\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"money-grow-interest-save-invest-1604921\",\"author\":\"TheDigitalWay\",\"organization\":\"\",\"url\":\"https:\/\/pixabay.com\/en\/money-grow-interest-save-invest-1604921\/\",\"project\":\"\",\"license\":\"cc0\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"One time simple interest\",\"author\":\"OCLPhase2\\'s channel\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/TJYq7XGB8EY\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Simple interest over time\",\"author\":\"OCLPhase2\\'s 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