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How much money will you have at the end of 3 years if your principal is 100 and your simple interest rate is percent 5?
Wiki User
∙ 11y ago
5% of $100 is $5 .
If you lend your money for 3 years at 5% simple interest,
it will earn you $5 each year, for a grand total of $15, and
grow to a full $115 .
Don't go wild and spend all of that ROI in one place.
Wiki User
∙ 11y ago
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What is the formula for simple interest?
I = P x r x t/100 where I = Simple Interest P= principal r= rate t=time The formula is I=PRT P=principal,the money deposited or taken out. R=rate,the percent intrest T=time,the time elapsed or the daily basis
How do you figure out your total amount of money after interest?
It depends on whether it is simple or compound interest. The formula for simple interest is A = P(1+rt), where A = amount of money after t years, P = Principal, or the amount of money you started with, and r = the annual interest rate, expressed as a decimal (i.e. 7% = 0.07). For compound interest, the formula is A = P(1+r)t.
What time will be required for a sum of money to double itself at 5 percent simple interest?
20 YEARS
What do you get if You deposit 750.00 in an account that earns 5 percent simple interest How much interest will your money earn in 6 months?
Two and a half percent of 750 ie 2.5 x 7.5 which is 18.75
What is the value of compound interest?
Compound interest increases the amount earned by adding credited interest to the principal, and interest will then be earned on that money as well. The longer the principal and interest remain in the account, the greater the earnings they will accrue.
Dr Sand borrowed some money to buy new furniture for her office She paid 245.00 simple interest on a 3.5-year loan at 3.5 percent Find the principal?
2000
What is the formula for simple interest?
I = P x r x t/100 where I = Simple Interest P= principal r= rate t=time The formula is I=PRT P=principal,the money deposited or taken out. R=rate,the percent intrest T=time,the time elapsed or the daily basis
What are principal and interest on a loan?
Principal is the amount you borrowed and interest is the money you give them as a 'gift' for letting you loan their money.
What do people pay to borrow money?
The loan is called the principal. People pay interest to borrow money, but payment is interest plus money toward the principal.
How do you figure out your total amount of money after interest?
It depends on whether it is simple or compound interest. The formula for simple interest is A = P(1+rt), where A = amount of money after t years, P = Principal, or the amount of money you started with, and r = the annual interest rate, expressed as a decimal (i.e. 7% = 0.07). For compound interest, the formula is A = P(1+r)t.
What is an amount of money earned on a principal called?
The amount of money earned on a principal called is interest
The amount of money borrow is called the?
Principal is the amount of money you borrow. Interest is the fee charged by the lender (or bank) to use their money. The total amount of money you pay back is the principle + interest.
What time will be required for a sum of money to double itself at 5 percent simple interest?
20 YEARS
How much interest if you borrow 2000 at a rate of 6 percent for 2 years?
if its simple interest: I = prt = 240 the total money to be returned is 2240
Formula for calculating compound interest?
P*(1+R/100)powerT where P= money borrowed or principal and R= rate in percent and T= time * * * * * Actually, this formula gives the value of the principal PLUS interest. You need to subtract P from the answer to get the compounded interest.
How the simple interest found in investment?
Multiply the principal (P) by the annual* interest rate as a decimal (r) and the time in years* (t). *The time period may be expressed in months, etc. For example, $2000 invested at 7% simple interest for 5 years: I = Prt = 2000x0.07x5 = 140x5 = $700.
What do you get if You deposit 750.00 in an account that earns 5 percent simple interest How much interest will your money earn in 6 months?
Two and a half percent of 750 ie 2.5 x 7.5 which is 18.75
