81682086 GMAT 105 Writing Assignment - Running Head GMAT 105 1 GMAT 105 Name Course Institution Date GMAT 105 2 GMAT 105 Writing Assignment Interest is

81682086 GMAT 105 Writing Assignment - Running Head GMAT...

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Running Head: GMAT 105 1 GMAT 105 Name Course Institution Date
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GMAT 105 2 GMAT 105 Writing Assignment Interest is the amount of money that is charged after one borrows money from an individual or a financial institution. This interest can be charged in varied ways: simple interest and compound interest. Simple interest is the interest that is placed for the issuance of money acquired from lending. It is an easy and quick method of computation where one computes the interest on the money borrowed. A good example is a car loan where the interest has to be charged on the first amount borrowed. The formula used in the computation of interest is: Simple Interest = P*r*n P is the Principal amount; r is the rate used to get the interest; and n is the years the interest will be computed for. For instance, if one gets $1000 from a bank account @ 10 percent annually for a period of three years, then the amount that is meant to be returned after the three years is 1300 (Cipra, 2010).
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