Interest is the amount charged by a lender to a borrower. It means that if you borrow some money from a bank, you have to pay back more than the money you borrowed. Equally, if you have a savings account and deposit some money, the bank will pay you interest as a sort of thank you for saving with them as you are effectively loaning them money. There are 2 main types of interest we need to be aware of. Compound interest and Simple interest. It is important to know the difference between these two, as it can affect how much money you earn or have to repay. For simple interest, you just pay or receive the exact same amount of interest every year. For simple interest, you just pay or receive the exact same amount of interest every year. I borrowed £2000 for 5 years at 4% interest rate per annum. How much interest do I repay? Simply multiply the numbers together. The interest I have to pay is 4 percent of 2000. Simple interest = 2000 X 0.4 X 5 = £400. So after 5 years I have paid £400 of simple interest on the money I loaned. But in reality, banks almost never charge simple interest. They prefer compound interest, which we will learn about in another video. Our teachers and animators come together to make fun & easy-to-understand videos in Chemistry, Biology, Physics, Maths & ICT. VISIT us at www.fuseschool.org, where all of our videos are carefully organised into topics and specific orders, and to see what else we have on offer. Comment, like and share with other learners. You can both ask and answer questions, and teachers will get back to you. These videos can be used in a flipped classroom model or as a revision aid. Twitter: https://twitter.com/fuseSchool Access a deeper Learning Experience in the FuseSchool platform and app: www.fuseschool.org Friend us: http://www.facebook.com/fuseschool This Open Educational Resource is free of charge, under a Creative Commons License: Attribution-NonCommercial CC BY-NC ( View License Deed: http://creativecommons.org/licenses/by-nc/4.0/ ). You are allowed to download the video for nonprofit, educational use. If you would like to modify the video, please contact us: info@fuseschool.org Click here to see more videos: https://alugha.com/FuseSchool
Charles Darwin was a keen naturalist and geologist who made detailed observations about the natural world. JOIN our platform at www.fuseschool.org This video is part of 'Chemistry for All' - a Chemistry Education project by our Charity Fuse Foundation - the organisation behind FuseSchool. These vi
In nature, all organisms compete with each other for resources in order to survive. Competition between members of the same species is what makes organisms evolve. This theory of competition and ‘survival of the fittest’ is called Natural Selection, and was originally proposed by Charles Darwin i
All living organisms are made up of cells - they are the basic building blocks of life. There are two important categories of cells: plant cells and animal cells. In this video we look at animal cells in more detail. Animal cells are the type of cell that make up our bodies... and the bodies of al
