General Maths Financial Maths
Credit and Loans:
Simple Interest and Flat Rate Loans:
A flat rate loan is one where flat or simple interest is charged on an amount borrowed or principal for the term of the loan. Interest is always charged on the full amount of the loan.
I = Prn
P = principal r = rate per period expressed as a decimal n = number of periods
E.g. Phil borrowed $4000 for three years at 8%p.a. (per annum) (flat rate)
a) What is his interest?
b) What is the total repaid?
c) What are the monthly repayments?
Solution:
a) 4000x8/100x3
Interest=$960
b) Total Repaid: interest + principal
=960+4000
=$4960
c) Monthly repayments:
=4960÷36 (36 is the number of months is 3yrs)
=137.777……
=137.78
Buying on …show more content…
b) Manuel pays his account in full on 3 September. How much does he pay? Interest is charged on each purchase from the date of purchase until the date payment is received. For example the dinner set is bought on 2 August and paid for on 3 September. Number of days=29+3= 32 Interest rate per annum= 14% Interest rate per day= 14/36500
Purchase Amount No. of days interest Interest to 3 September ($) 
$65.00 32 65.00x14/36500x32=0.8048 
$85.00 3214 =18 85.00x14/36500x18=0.5875 
$24.00 11 =0.1013 
$36.80 8 =0.1130 
$32.00 5 =0.0614 
Total interest= $1.6672…=$1.67
Manuel’s total payment= $243.30+$1.67 = $24409
See text book for another example pg. 98

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