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Calculating Exact Simple Interest | Financial Mathematics
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How do we calculate exact simple interest? That's what we'll be going over in today's video financial math lesson, we'll go over how to calculate simple interest with some fun example problems!
Simple interest rates are typically given as annual rates. Thus, if we want to calculate interest over some number of days, we need to convert the days to years. To do this using exact simple interest, we simply divide the number of days by the number of days in a year (365) unless it is a leap year, in which case we divide by the number of days in a leap year (366). Recall that all years divisible by 4 are leap years except for years that are multiples of 100 but not 400. So for a year like 1900, although it is divisible by 4, it is also a multiple of 100 but not 400, so it is NOT a leap year. 2000 on the other hand is a leap year because it is a multiple of 4, and although it is a multiple of 100 it is also a multiple of 400, so again it IS a leap year.
Exact simple interest is in contrast to ordinary simple interest, in which we divide by 360.
I hope you find this video helpful, and be sure to ask any questions down in the comments!
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The outro music is by a favorite musician of mine named Vallow, who, upon my request, kindly gave me permission to use his music in my outros. I usually put my own music in the outros, but I love Vallow's music, and wanted to share it with those of you watching. Please check out all of his wonderful work.
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+WRATH OF MATH+
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Simple interest rates are typically given as annual rates. Thus, if we want to calculate interest over some number of days, we need to convert the days to years. To do this using exact simple interest, we simply divide the number of days by the number of days in a year (365) unless it is a leap year, in which case we divide by the number of days in a leap year (366). Recall that all years divisible by 4 are leap years except for years that are multiples of 100 but not 400. So for a year like 1900, although it is divisible by 4, it is also a multiple of 100 but not 400, so it is NOT a leap year. 2000 on the other hand is a leap year because it is a multiple of 4, and although it is a multiple of 100 it is also a multiple of 400, so again it IS a leap year.
Exact simple interest is in contrast to ordinary simple interest, in which we divide by 360.
I hope you find this video helpful, and be sure to ask any questions down in the comments!
********************************************************************
The outro music is by a favorite musician of mine named Vallow, who, upon my request, kindly gave me permission to use his music in my outros. I usually put my own music in the outros, but I love Vallow's music, and wanted to share it with those of you watching. Please check out all of his wonderful work.
********************************************************************
+WRATH OF MATH+
Follow Wrath of Math on...
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