Symbols Used

[latex]S[/latex] = Maturity value or future value in dollars

[latex]I[/latex] = Interest amount in dollars

[latex]P[/latex] = Principal or present value in dollars

[latex]r[/latex] = Interest rate (in decimal format)

[latex]t[/latex] = Time or term

Formulas Introduced

Simple Interest:

[latex]I=Prt[/latex]

Maturity Value:

[latex]S=P(1+rt)[/latex]

Present Value:

 [latex]P=\frac{S}{1+rt}[/latex]