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\nSimple Interest | Numbers | Maths | FuseSchool\n

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\nSimple Interest | Numbers | Maths | FuseSchool Interest is the amount charged by a lender to a borrower. It means that if you borrow some money from a bank, you have to pay back more than the money you borrowed. Equally, if you have a...\nSimple Interest | Numbers | Maths | FuseSchool Interest is the amount charged by a lender to a borrower. It means that if you borrow some money from a bank, you have to pay back more than the money you borrowed. Equally, if you have a savings account and deposit some money, the bank will pay you interest as a sort of thank you for saving with them as you are effectively loaning them money. There are 2 main types of interest we need to be aware of. Compound interest and Simple interest. It is important to know the difference between these two, as it can affect how much money you earn or have to repay. For simple interest, you just pay or receive the exact same amount of interest every year. For simple interest, you just pay or receive the exact same amount of interest every year. I borrowed $2000 for 5 years at 4% interest rate per annum. How much interest do I repay? Simply multiply the numbers together. The interest I have to pay is 4 percent of 2000. Simple interest = 2000 X 0.4 X 5 = £400. So after 5 years I have paid £400 of simple interest on the money I loaned. But in reality, banks almost never charge simple interest. They prefer compound interest, which we will learn about in another video. SUPPORT US ON PATREON SUBSCRIBE to the FuseSchool YouTube channel for many more educational videos. Our teachers and animators come together to make fun & easy-to-understand videos in Chemistry, Biology, Physics, Maths & ICT. VISIT us at www.fuseschool.org, where all of our videos are carefully organised into topics and specific orders, and to see what else we have on offer. Comment, like and share with other learners. You can both ask and answer questions, and teachers will get back to you. These videos can be used in a flipped classroom model or as a revision aid. Find all of our Chemistry videos here Find all of our Biology videos here Find all of our Physics videos here Find all of our Maths videos here Instagram Facebook Twitter Access a deeper Learning Experience in the FuseSchool platform and app: www.fuseschool.org Follow us Befriend us This is an Open Educational Resource. If you would like to use the video, please contact us: info@fuseschool.org\n
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Grade
12th - Higher Ed
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All Subjects
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Instructional Videos
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Source:
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Date
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2017
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For Teacher Use
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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Simple Interest | Numbers | Maths | FuseSchool\" href=\"/subscription/new\">\"Simple\n\n
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