The Canadian Interest

The Canadian Interest Rule.

tldt arrow
Read on Terminal Reader
Read this story w/o Javascript

Too Long; Didn't Read

This rule of computing interest appears in some Canadian text-books, and, though simply a modification of other rules, is worthy of notice. To find the interest on $724 for 5 1/2 months at 6 per cent., all you have to do is to divide by 4 and multiply by 11. The rule is to divide the principal by 4, and to multiply the quotient by one-third of the product of the rate by the time in months. Six times 5 1/2 = 33, and one-third of 33 is 11. If the time be expressed in years, multiply one-fifth of the principal by one-half the product of the rate by the number of years, and remove the decimal point one place to the left.
featured image - The Canadian Interest Rule.
Unknown Author in the Public Domain HackerNoon profile picture


Unknown Author in the Public Domain

Important texts on science, creativity and innovation by authors unknown.

Receive Stories from @unknownauthor

react to story with heart


. . . comments & more!