Total interest paid in 5 years = 5*16000*0.09 = 7200
Simple interest would be 360
Simple interest would be 1040
You already gave the simple interest - 9 percent. Rethink and ask your question again.
Total simple interest = 2500*11/100*3 = 825
Draw a flow chart to calculate simple interest with 10% rate if time is greater than 2 yrs otherwise calculate simple interest with 5%.
Simple interest would be 360
Simple interest would be 1040
Simple interest: 144Compound interest: 152.64
$494.34 Interest= principal amount * time* simple interest %
Simple interest = 1000 * 5/100 * 3 = 150
Simple Interest
You already gave the simple interest - 9 percent. Rethink and ask your question again.
Total simple interest = 2500*11/100*3 = 825
150,000 per year (simple interest, no compounding)
$48
19035 by simple interest
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