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How much interest will be earned on an investment of 8000 at 10 percent simple interest for 3 years?
$2400
What is the annual interest rate if 1600 is invested for 6 years and 456 in interest is earned?
Use the formula I = P x R x TWhere I=interestP=principal investmentR=interest rateT=time in yearsIn this case, we want to know R, so re-arrange the formula to get:R = I / (P x T)=456/ (1600x6)=456/9600=0.0475=4.75%
What is the amount of money P that will generate 40 in interest at a 10 interest rate over 5 years?
Oh, dude, it's like super simple math. So, to calculate the principal amount P, you just divide the interest by the interest rate times the number of years. In this case, 40 divided by (10% times 5 years) gives you the principal amount P. That's like, what, 80 bucks? Math is fun, right?
What is the interest on 950 invested for 4 years in an account that earns simple interest at a rate of 3 percent per year?
3% for 4 years is equivalent to 12% of the principal, in this case 12 x 9.5 which is 114.
Suppose you invest 1200 in four years You earned 312 in simple interest What is the interest rate?
6.5%Formula for finding Simple InterestSI [Interest] = (P×R×T)/100P [sum] = (SI×100)/(R×T)R [Rate/year] = (SI×100)/(P×T)T [Time] = (SI×100)/(P×R)whereS.I. = Simple Interest,P = Principal or Sum of amount,R = % Rate per annum,T = Time Span
What is the principal if the Interest earned is 27.00 for 2 years at 1.5?
Assuming that 1.5 refers to 1.5% and that the interest is compounded annually, the principal is 893.30
Juan deposited 200 in a savings account earning 3 percent interest over 2 years What was the total amount of interest earned after 2 years?
Interest for 1st year = $6 Principal after 1 year = $206 Interest for 2nd year = $6.18 Principal after 2 year = $212.18 Total Interest earned after 2 years = $12.18
How do you calculate the interest earned in one year?
To calculate the interest earned in one year, you can use the formula: Interest = Principal × Rate × Time. Here, the Principal is the initial amount of money invested or borrowed, the Rate is the annual interest rate (expressed as a decimal), and Time is the duration in years (which is 1 for one year). For example, if you have a principal of $1,000 and an annual interest rate of 5%, the interest earned in one year would be $1,000 × 0.05 × 1 = $50.
How do you calculate principal and interest when amountrate of interest and time period is given?
The amount, P, is the principal. If the rate is r% compounded annually for y years, then the total interest earned is P*[(1 + r/100)^y - 1]
What is the future value of 80000 dollars with 5 percent interest in 4 years?
102102.52
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 much interest would 3000 bring in 4 years at 7 percent?
To calculate the interest earned on $3,000 at a 7% annual interest rate over 4 years, you can use the formula for simple interest: Interest = Principal × Rate × Time. Plugging in the values: Interest = $3,000 × 0.07 × 4, which equals $840. Therefore, the total interest earned would be $840 over the 4-year period.
What is the simple interest if a principal over 20 years equals the borrowed principal?
It is 5%.
What is an amount of money multiplied by the interest rate and the amount of time that the money will be earning interest?
The amount of money multiplied by the interest rate and the amount of time it earns interest represents the interest earned over that period. This can be expressed using the formula: Interest = Principal × Rate × Time, where the Principal is the initial amount of money, Rate is the interest rate (as a decimal), and Time is the duration in years. This calculation is fundamental for understanding simple interest in finance.
What is the principal balance if the principal plus interest at the end of 1 and a half years is 3360 at an annual interest rate of 8 percent?
3000
What is different about compound interest from normal interest?
Compound interest is calculated on the initial principal plus any accumulated interest, resulting in interest earning interest over time. Normal interest, on the other hand, is only calculated on the initial principal amount and does not take into account any interest that has already been earned.
Susan has 800 in a savings account that earns 6 annually. If the interest is not compounded how much interest will she earn in 5 years A) 30.00 B) 48.00 C) 240.00 Eliminate D) 480.00?
To calculate the simple interest earned on Susan's savings account, use the formula: Interest = Principal × Rate × Time. Here, the principal is $800, the rate is 6% (or 0.06), and the time is 5 years. Therefore, Interest = 800 × 0.06 × 5 = $240.00. The correct answer is C) 240.00.
