# GenMath Lesson 1: Simple Interest - Definition of Terms

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## 32 Questions

### What is the definition of 'Principal' (P) in the context of simple interest?

The amount of money borrowed or invested on the origin date

### What does the term 'Lender or creditor' refer to in the context of simple interest?

The person or institution who invests the money or makes the funds available

### In the context of simple interest, what is the 'Maturity value or future value (F)'?

The amount after t years that the lender receives from the borrower on the maturity date

### What does 'Time or term (t)' represent in simple interest calculations?

The amount of time in years the money is borrowed or invested

### What is 'Compound Interest' (𝑰𝒄) defined as in the context of simple interest?

Interest that is computed from the principal and on the accumulated past interests

### In simple interest, what does 'Interest (I)' represent?

Amount paid or earned for the use of money

### What is the definition of 'Exact Interest'?

Interest calculated based on a 365-day year

### In a General Annuity, what does the payment interval signify?

The time between successive payments

### What does 'Nominal Interest Rate' represent?

Annual rate of interest (rate that is usually advertised)

### What is the present value of an annuity?

Sum of present values of all the payments to be made during the entire term of the annuity

### What does 'Maturity/future value or compound amount (A)' signify in the context of Compound Interest?

Amount after t years that the lender receives from the borrower on the maturity date

### What is the definition of 'Frequency of compounding (m)'?

Number of compounding periods per year

### In Simple Annuity, what type of annuity is it with respect to the time of payment?

A type of annuity in which the payments are made at the end of each payment interval

### What does 'Principal or present value (P)' signify?

Amount of money borrowed or invested on the origin date

### What is 'Effective Interest Rate (j)' in financial terms?

The actual rate of interest that takes effect in the loan/investment

### What does 'Annuity Due' signify?

A type of annuity in which payments are made at the beginning of each payment interval

### What is the etymological meaning of philosophy?

The love of wisdom

### Why did early attempts to write a universal definition of philosophy fail?

Mankind never shared a common idea of what it is

### What does the discipline of philosophy primarily strive to provide?

Meaning in life and actions

### According to the passage, what is the meaning of the term 'philosophy' supposed to emphasize?

The value in seeking wisdom

### What is the significance of distinguishing primary and secondary reflection in philosophy?

To encourage deeper contemplation and introspection

### What is the main problem presented in the text?

The dilemma of existentialism and Indian philosophy

### How does Gabriel Marcel describe the world in the text?

As a place of broken unity

### What is presented as the resolution to the broken world according to the text?

Doing philosophy and using reflective methods

### How does the text suggest resolving the dilemma of feeling right or wrong in a broken world?

By uniting through doing philosophy and reflective methods

### What is highlighted as the main interest of Chinese philosophy in the text?

Knowing how to live in harmony, unity, and peace

### How does Co present the importance of defining philosophy in the text?

As important but secondary to doing philosophy and reflection

### What does philosophizing generally mean?

Considering all things in a study or reflection

### What does Gabriel Marcel suggest as the reason for engaging in philosophy?

'Because we live in a broken world'

### 'Why do we need to do philosophy?' is answered by Gabriel Marcel with:

'Because we live in a broken world'

This quiz covers the definitions of terms related to simple interest, including lender/creditor, borrower/debtor, origin/loan date, and repayment/maturity date. Test your understanding of these key concepts in financial mathematics.

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