Financial Maths, as the name suggests, is mathematics involving finances and money. This has applications in the fields of commerce, banking, finance, loan repayments, retirement savings, setting up annuities, etc.
Financial maths involves the study of two types of interest paid on money, viz. simple interest and compound interest. It also deals with other aspects of financial maths like hire purchase, depreciation of goods, discounts and best buys, capital appreciation, etc.
You will also learn the various skills required to manage your money in different aspects of your day-to-day life like, budgeting your finances, managing your credit card, mortgage and loan repayments, investments in shares, annuities and future value of your savings, etc.
You will also be able to work out your taxable income, tax payable on your income, and any deductions to manage your income and budgets.
An understanding of government fees, property tax, goods and services tax or value added tax, sales tax, etc will provide you with a better understanding of the various taxes payable in your country.
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