# SimpIntPaid: Simple Interest Paid (Engineering Economics) In iemisc: Irucka Embry's Miscellaneous Functions

## Description

Computes the total amount paid at the end of n periods using simple interest

## Usage

 1 SimpIntPaid(P, n, i) 

## Arguments

 P numeric vector that contains the present value(s) n numeric vector that contains the period value(s) i numeric vector that contains the interest rate(s) as whole number or decimal

## Details

Simple Interest is expressed as

I = Pni

S_n = P + I

or

S_n = P≤ft(1 + ni\right)

P

the "principal amount (lent or borrowed)"

S_n

the "total amount paid back"

I

the "simple interest"

i

the "interest rate per interest period"

n

the "number of interest periods"

## Value

SimpIntPaid numeric vector that contains the total amount paid at the end of n periods rounded to 2 decimal places

## References

1. Chinyere Onwubiko, An Introduction to Engineering, Mission, Kansas: Schroff Development Corporation, 1997, page 205-206.

2. William G. Sullivan, Elin M. Wicks, and C. Patrick Koelling, Engineering Economy, Fourteenth Edition, Upper Saddle River, New Jersey: Pearson/Prentice Hall, 2009, page 116.

## Examples

 1 2 3 library("iemisc") # Example for equation 4-1 from the Sullivan Reference text (page 116) SimpIntPaid(1000, 3, 10) # the interest rate is 10% 

iemisc documentation built on Aug. 2, 2020, 9:07 a.m.