"INTEREST, SIMPLE INTEREST and RATE OF INTEREST. When money of value PRINCIPL increases in value to ACCUMVAL on a later date, the gain in valueabove the orinignal value is called the INTEREST. The rate of interest charged is equal to the ratio of the earned interest in a unit of time (usually 1 year) to the principal. Answers to problems: (a) Set PRINCIPL to 2,000, set ACCUMVAL to 2,400. Result INTEREST is $400. (b) The interest rate RATE% is 20% per year. Type any key to exit. (c) Copyright PCSCC, Inc., 1993 ||Mr. B borrows $2000 from Mr. L and at the end of one year pays Mr. L $2400. (a) What is the interest earned by Mr. B and (b) what is the interest rate Mr. B. charges Mr. L.? Type comma key to see answers. Type (F2) to return to helpfile."
