Simple Interest is Important
Commercial Arithmetic or Business Mathematics is a very important application of numbers in our daily life.
The cornerstone of Business Mathematics: Interest calculations. Simple Interest and Compound Interest are what underpin the entire banking industry and the entire logic of investments, so it is very important to master these concepts.
The concept of interest is at the core of all commercial arithmetic. Whether you are learning about banking systems, or looking at money lending schemes, or even trying to understand macroeconomic systems, you will need to master the nuances of interest.
In practice, compound interest is the type of interest that is most commonly used in daily life, but the knowledge of compound interest is based on the core concept of simple interest.
This book deals with simple interest in detail, and helps you build a solid foundation and gives you a tool set to tackle the harder everyday problems of compound interest (the next book in this series looks at compound interest in detail).
The structure of the book is such that it involves a simple navigation method for either the novice or to the more experienced reader, who is looking for a refresher course on the concept and its applications.
The first few chapters deal with the definition of Simple Interest and of the variables on which it depends: Principal, Time, and Rate. Each early chapter comes with a set of simple practice problems so that you can gain exposure to the different problem types before you move on to higher level applications. If you are completely new to the concept of Simple Interest, or if you have forgotten all that you once absorbed, it might be a good idea for you to start at the very beginning.
This key member of the foundation book series in daily life mathematics then moves to more difficult problems, and to applications of the Simple Interest formula. In later chapters, you will see that problems leave out one variable, and ask you to find the rest; the final amount after maturity of an investment will also play a role in the higher level problems in this book.
The book ends with a set of computationally intensive problems – you might need a calculator or computer for some of them!
By the end of this book, you will have all the tools you need to tackle the next book in this series, which deals with the useful concept of Compound Interest.
I wish you the very best.
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