How to become a Lightning Calculator by Anonymous is part of the HackerNoon Books Series. You can jump to any chapter in this book here. Interest Computations.
Interest Computations.
Multiply the principal (amount of money at interest) by the time, reduced to days; then divide this product by the quotient obtained by dividing 360 (the number of days in the interest year) by the per cent. of interest, and the quotient thus obtained will be the required interest. Require the interest of $462.50 for one month and eighteen days at 6 per cent. An interest month is 30 days; one month and 18 days equals 48 days. $462.50 multiplied by .48 gives $222.0000; 360 divided by 6 (the per cent. of interest) gives 60, and $222.0000 divided by 60 will give you the exact interest, which is $3.70. If the rate of interest in the above example were 12 per cent., we would divide the $222.0000 by 30 (because 360 divided by 12 gives 30); if 4 per cent., we would divide by 90; if 8 per cent., by 45; and in like manner for any other per cent.
About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books.
This book is part of the public domain. Anonymous (2021). How to become a lightning calculator. Urbana, Illinois: Project Gutenberg. Retrieved https://www.gutenberg.org/cache/epub/65078/pg65078-images.html
This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at www.gutenberg.org, located at https://www.gutenberg.org/policy/license.html.