Home Practice
For learners and parents For teachers and schools
Textbooks
Full catalogue
Leaderboards
Learners Leaderboard Classes/Grades Leaderboard Schools Leaderboard
Pricing Support
Help centre Contact us
Log in

We think you are located in United States. Is this correct?

9.6 Chapter summary

Test yourself now

High marks in science are the key to your success and future plans. Test yourself and learn more on Siyavula Practice.

Sign up and test yourself

9.6 Chapter summary (EMA6W)

Presentation: 2GJH

  • There are two types of interest rates:

    Simple interest

    Compound interest

    \(A=P\left(1+in\right)\)

    \(A=P{\left(1+i\right)}^{n}\)

    Where:

    \begin{align*} A& = \text{ accumulated amount} \\ P& = \text{ principal amount} \\ i & = \text{ interest written as decimal} \\ n & = \text{ number of years} \end{align*}
  • Hire purchase loan repayments are calculated using the simple interest formula on the cash price minus the deposit. Monthly repayments are calculated by dividing the accumulated amount by the number of months for the repayment.

  • Population growth and inflation are calculated using the compound interest formula.

  • Foreign exchange rate is the price of one currency in terms of another.