Commercial Arithmetic (2)

By the end of this topic you can

• Define principal, rate and time in relation to interest
• Calculate simple interest using simple interest formula
• Calculate compound interest using step by step method
• Derive the compound interest formula
• Apply the compound interest formula for calculating interest
• Define appreciation and depreciation
• Use compound interest formula to calculate appreciation and depreciation
• Calculate hire purchase
• Calculate income tax given the income tax bands

Full notes and worked solutions

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