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hello and welcome to our series on financial math were going to start this video talking about add on interest so I think its the probably easiest to do add on interest with an example so Ill give you one here now lets suppose you lend a friend six hundred dollars now youre not too generous I mean granted you gave them six hundred dollars but you want interest now until we get into those big loan formulas were probably going to this is probably what you would do youd say okay Im going to lend you six hundred dollars but youre going to pay me back an interest at an interest rate of five percent so you decide you know what I will loan you the money five percent but I wanted paid back in two years and the question now is how much is that person going to owe you now they can pay you a lump sum at the end but that type of question would have been covered in my simple interest video this one what were going to do is were going to make monthly payments so now all we got to figure o