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## 11.7 Outline

- Definition of variables
- Classification of financial formulas
- simple interest formula
- compound interest formula
- future value problem
- present value problem
- ordinary annuity
- present value of an annuity
- sinking fund
- amortization

## 11.7 Essential Ideas

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## 5.1 Outline

- Basic concepts
- counting numbers
- natural numbers
- addition

- Closure property
- definition
- closed/not closed

- Commutative and associative properties
- commutative property for addition
- associative property for addition
- definition of multiplication
- closure for multiplication in the set of natural numbers
- commutative property

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