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PRT Formula for Interest

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Questions and Answers

What is the total amount that needs to be paid back in a Future Value calculation?

Original amount borrowed

Maturity value (correct)

Interest value

Principal value

If a loan is borrowed at 16% for 3 months, which part of the Future Value formula represents the 16% rate?

R (correct)

In the context of simple interest, what is the Future Value formula equivalent to?

$P + I$

$PT + I$

$P(1 + RT)$

$P + RT$ (correct)

What does the maturity value represent in a loan scenario?

Total future value Signup and view all the answers

How can we simplify the Future Value formula $P + IRT$?

$P(1 + RT)$ Signup and view all the answers

What is the formula for calculating simple interest?

$PRT$ Signup and view all the answers

What is considered the principal in a simple interest calculation?

The amount initially invested or borrowed Signup and view all the answers

How are all rates expressed in simple interest calculations?

As percentages Signup and view all the answers

What is the time duration measured in when calculating simple interest?

Years Signup and view all the answers

Which factor is NOT included in the formula for simple interest calculation?

Total amount accrued Signup and view all the answers