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56.72
{| |- | $244,334 |}
5 years
That would depend on the original principal (the amount you borrowed) and how they compute interest.
Simple interest does not compound. In other words, If you start off with $500 and get $5 in interest, the $5 you got in interest will not be included when calculating the amount of interest you will get next year. Simple interest can be calculated by the formula i = prt, where i is the amount of money earned from the interest, p is the principle (starting money), r is the rate (as a decimal,) and t is the time in years. Another formula is used to calculated the accumulated amount: A = p(rt + 1), where A is the accumulated amount.
5% of 150000 = 5% * 150000 = 0.05 * 150000 = 7500
That depends on a lot of factors including interest rate, length of loan. For example, at 5% for 30 years your payment would be: $805.23 But at 15 years, it would $1,186.19.
The simple interest in this case is $145,000. It is calculated by multiplying the amount by the interest rate and the length of time.
150000 x 5 = 750000
56.72
It is approx 65.52
{| |- | $244,334 |}
The total amount is 45*(1.02)5 = 49.68 approx So the interest is 49.68 - 45 = 4.68 approx.
5 years
That would depend on the original principal (the amount you borrowed) and how they compute interest.
Simple interest does not compound. In other words, If you start off with $500 and get $5 in interest, the $5 you got in interest will not be included when calculating the amount of interest you will get next year. Simple interest can be calculated by the formula i = prt, where i is the amount of money earned from the interest, p is the principle (starting money), r is the rate (as a decimal,) and t is the time in years. Another formula is used to calculated the accumulated amount: A = p(rt + 1), where A is the accumulated amount.
5% = 5/100 5*150000/100 = $7500