SIMPLE INTEREST|GENERAL MATH 11QUARTER 2 LESSON 1|CHANG DAYAN
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Simple Interest (𝑰𝒔) – interest that is computed on the principal. The interest remains constant throughout the term.
Lender or creditor – person (or institution) who invests the money or makes the funds available
Borrower or debtor – person (or institution) who owes the money or avails of the funds from the lender
Origin or loan date – date on which money is received by the borrower
Repayment date or maturity date – date on which the money borrowed or loan is to be completely repaid
Time or term (t) – amount of time in years the money is borrowed or invested; length of time between the origin and maturity dates
Principal (P) – amount of money borrowed or invested on the origin date
Rate(r) – annual rate, usually in percent, charged by the lender, or rate of increase of the investment
Interest (I) – amount paid or earned for the use of money
Maturity value or future value (F) –amount after t years that the lender receives from the borrower on the maturity date
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