The simple interest, on an amount Y, at rate r% per year, for t years is
I = Y*(r/100)*t
But bank interest is always compounded, never simple.
Draw a flow chart to calculate simple interest with 10% rate if time is greater than 2 yrs otherwise calculate simple interest with 5%.
To calculate the simple interest, use the formula: Interest = Principal × Rate × Time. Here, the principal is 3050, the rate is 11.5% (or 0.115), and the time is 7 years. So, Interest = 3050 × 0.115 × 7 = 2,305.75. The simple interest on 3050 at 11.5 percent for 7 years is 2,305.75.
To calculate simple interest, you can use the formula: Simple Interest = Principal × Rate × Time. For a principal of 180,000 at an interest rate of 7% per annum over one year, the calculation would be: Simple Interest = 180,000 × 0.07 × 1 = 12,600. Thus, the simple interest after one year is 12,600.
change % to decimal
18.90currency as an interest..
Draw a flow chart to calculate simple interest with 10% rate if time is greater than 2 yrs otherwise calculate simple interest with 5%.
compound
simple interest = principle (money) times the rate times the time
Yes & No. Some Banks usually pay interest that can be compounded every quarter on most fixed deposit plans. But, this is not applicable to all banks. Most banks still pay only simple interest on all deposit schemes.
Yes & No. Some Banks usually pay interest that can be compounded every quarter on most fixed deposit plans. But, this is not applicable to all banks. Most banks still pay only simple interest on all deposit schemes.
To calculate the simple interest, use the formula: Interest = Principal × Rate × Time. Here, the principal is 3050, the rate is 11.5% (or 0.115), and the time is 7 years. So, Interest = 3050 × 0.115 × 7 = 2,305.75. The simple interest on 3050 at 11.5 percent for 7 years is 2,305.75.
I have the published financial statements of commercia banks, I would like to identify the elements used to calculate the 'net interest margin' Thanks
change % to decimal
To calculate an interest (as money), multiply the capital, times the interest rate (divided by 100, if it is expressed in percent), times the number of periods. The above assumes simple interest; compound interest is a bit more complicated.
18.90currency as an interest..
1,773.60
The simple interest over a period of five years is $463.70