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Able is involved in an automobile accident and is injured. While he is unconscious, the police call an ambulance which takes him to a hospital. Able is treated at the hospital and released a day later. The hospital sends him a bill for $4,500, which Able refuses to pay, claiming it is too high and he never consented to the treatment because he was unconscious. Able:
Principle Amount
The original sum of money borrowed in a loan or put into an investment.
Time
A continuous, measurable quantity in which events occur in a sequence from the past through the present to the future.
Simple Interest
Interest computed on the original sum of a loan or deposit, not including the effects of compounding throughout the duration.
Simplification
The process of reducing a mathematical expression or equation to its simplest form.
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