Symbols Used

$S$ = Maturity value or future value in dollars

$I$ = Interest amount in dollars

$P$ = Principal or present value in dollars

$r$ = Interest rate (in decimal format)

$t$ = Time or term

Formulas Introduced

Simple Interest:

$I=Prt$

Maturity Value:

$S=P(1+rt)$

Present Value:

 $P=\frac{S}{1+rt}$