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PROMISSORY NOTES LESSON 4.1 Interest-Bearing Promissory Notes Principal x Rate x Time = Interest (PRT=I) Amount Borrowed + Interest = Total Amount To Repay When Note Is Due 2 Exact Interest Method (Based on 365 days) Principal x Rate x Number of Days ÷ 365 = Interest Amount Borrowed + Interest = Total Amount To Repay When Note Is Due Ordinary Interest Method (Based on 360 days) Principal x Rate x Number of Days ÷ 360 = Interest Amount Borrowed + Interest = Total Amount To Repay When Note Is Due 3 Rate of Interest Number of Months in Year ÷ Number of Months of Loan x Interest = Interest for 1 Year Interest for 1 Year ÷ Principal = Rate of Interest 4 DISCOUNTED PROMISSORY NOTES LESSON 4.2 Discounted Promissory Notes Principal x Rate x Time = Bank Discount Principal – Bank Discount = Proceeds Total Amount Borrowed (Principal) = Amount To Repay Lender At End Of Term 5 True Rate of Interest Number of Months in Year ÷ Number of Months of Loan = Number of Periods per Year Bank Discount x Number of Periods per Year = Bank Discount for 1 Year Principal – Interest = Proceeds of Note Bank Discount for 1 Year ÷ Proceeds = True Rate of Interest 6 INTEREST TABLES LESSON 4.3 Simple Interest Tables Amount of Loan ÷ 100 = Number of 100’s in Principal Number of 100’s in Principal x Interest from Table = Amount of Interest WHEN THE NUMBER OF DAYS YOU WANT IS NOT LISTED ON THE TABLE: 1..
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