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Net Price Equivalent Rate List Price Net Price 31 . Calculate Simple Interest ( Ordinary ) and Maturity Value Interest = Principal x Rate X Time ( years ) Maturity value = Principle + Interest Problem : A simple interest note has a face value of $12 000 a rate of 8 % and a term of 1 yea 32 . Solve for Principle Principle = Interest / ( Rate X Time ) Interest $60 Rate Term 90 days - ordinary Principle Interest ( Rate * Time in years ) 33 . Solve for Time Time ( years ) = Interest ( Principle x Rate ) Principle : $2 , 000 Interest $480 Rate 80%