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Lateisha would like to know how much money she will earn if the interest is compounded monthly for a period of two months on a savings account that pays 6 percent interest on 2000?
20.05
How do you find the rate in simple interest?
Rate= Interest/Principle x Time. For Example.... Camilla borrowed $2000,(That's the principle),the interest is $4,000 her year was 3, and it was 4% each year,(.04) Explanation.... $2000 x 3 = $6000...$4000 divided by $6000 = .7 (If you round it). The rate= .7
How can compound interest be derived from simple interest?
Compound interest is simply simple interest except the amount of interest you owe is always added into the amount of money you borrowed before you calculate.Lets give an example.You borrowed a million from the bank at Year 2000 with interest rates of 5%.The formula for simple interest is PIN/100, where P is Principle (amount owed), I is interest rate (in percentage), N is the number of years.Year 2000: 1,000,000Year 2001: 1,000,000 * 5 * 1 / 100 = 50,000 (this is the interest)Year 2002: (1,000,000 + 50,000) * 5 * 1 / 100 = 52,500By the end of 2002, you would owe the bank 1,102,500(1,000,000 + 50,000 + 52,500)The formula for compound interest is P * (1 + I/100)N where P,I and N still refers to the same thing.Year 2000: 1,000,000Year 2001: 1,000,000 * (1+5/100)1 = 1,050,000Year 2002: 1,050,000 * (1+5/100)1 = 1,000,000 * (1+5/100)2 = 1,102,500
How many months is equal to 2000 hours?
About 2.4 months.
What is 5 percent interest of 40000 dollars?
2000
Lateisha would like to know how much money she will earn if the interest is compounded monthly for a period of two months on a savings account that pays 6 percent interest on 2000?
20.05
Micro Fish Company recognized 10000 of interest expense in 2007 The balance of the company's interest payable account decreased 2000 The amount of cash paid by the company for interest in 2007?
Company has paid 2000 cash for interest due to which interest payable reduced by 2000.
What is the simple interest for 1 year on a loan of 2000 at 9 percent interest?
9% means 9/100 = 0.09 0.09 * $2000.00 = $180.00 in simple interest for one year =============================
What is the amount of the simple interest on a 2000 loan at 6 percent interest for 2 years?
It is 240 currency units.
Is the simple interest on 2000 for 2 years is 320 then what is the interest rate?
To calculate the interest rate, we can use the formula for simple interest: I = P * r * t, where I is the interest, P is the principal amount (2000 in this case), r is the interest rate, and t is the time in years (2 years). Given that the interest is $320, we can plug in the values to solve for r: 320 = 2000 * r * 2. Solving for r, we get r = 320 / (2000 * 2) = 0.08, or 8%. Therefore, the interest rate is 8%.
Oasis legal services --- Charge high interest?
50% interest if you settle 0-6 months 65% interest if you settle 6-12 months so if you borrow $2000 you pay $3000 if you settle within 6 months or $3300 in more than 6 months
If the simple interest on 2000 for 3 years is 540 then what is the interest rate?
The interest rate would end up being 9% after you do all the calculations.
Mrs.baxter deposits $2000 in an account that earns 5% simple interest. How much is Mrs.Baxter’s investment worth after 8 yrs?
A : the Total P : the amount you started with i : interest rate as a decimal (5÷100= 0.05) n : the investment period in years A= P(1+i.n) A= 2000(1+(0.05×8)) A= 2800
If and 2000 is placed in a bank account that pays 3 compound interest per year how much will be in the account in 2 years?
2120.80
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.
Find the simple interest earned after 5 years on an investment of 2000 at 3.2 percent?
320
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
