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Business Mathematics
Introduction
Business plays a major role within our society
...
By satisfying the needs and wants people cannot satisfy themselves,
businesses improve the quality of life for people and create a higher standard
of living
...
Businesses are not only
important because they provide goods and services for consumers, but they
also improve the economy and increase jobs for people within society which
is an additional fact producing a higher standard of living
...
When we deposit money in the bank, the bank is in effect borrowing and
using our money
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The amount of money borrowed is called principal, the percent of
interest is called rate and the period of the loan is called time
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It is expressed plus the interest it
bears is called the amount
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What
is the interest if it will be paid after two years?
I = Prt
I = ₱30,000 x 0
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Reyes secured a loan of ₱5,000 from a cooperative bank which
charged him 12% interest for 3months
...
As mentioned earlier if the time is given in months we express time as a
������ �� ����ℎ�
fraction of a year, that is
if the time is given in days
...
2
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Assumes 360 days in one year
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Assumes 365 days in one year
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a
...
67
b
...
03
Approximate and Exact Time
It is necessary for us to compute the number of days if the time is given
between two dates
...
Exact time is found by counting the exact number of days
between the two dates
...
Methods of Computing Interest
From our discussion we can say that there are four methods of computing
simple interest when the time is given between two dates, namely:
1
...
Ordinary Simple Interest for approximate time
3
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Exact Simple Interest for approximate time
Since ordinary simple interest is greater than exact simple interest, the exact
time is usually greater than approximate time; the ordinary simple interest for
exact time is the most favorable to the creditor
...
Compound Interest
Interest is also expressed as compound interest
...
For example, if the interest is compounded semi-annually, the
interest for the second half of the year is computed based on the principal
plus the interest for the first half of the year
...
Thus, interest
is computed on the combined total of the principal and prior interests