Felipa Nosis: There are many more situations where simple and compound interest occur besides bank statements. An understanding of interest concepts is of value to every person who invests in stocks and bonds, buys insurance or annuities, borrows or lends money, plans future spending, wants to provide college financing for children, and plans to retire. Interest concepts are pervasive in business and life. A good understanding of interest allows people to control their money instead of having their money control their lives, as is the case with many people...Show more
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