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Earn +20 ptsQ: How do you find the percent paid on interest?
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Does an increase of 4 percent in the interest rate result in a 4 percent increase in the total interest paid?
Not usually. A "4 percent increase in the interest rate" usually means that there is some reference interest rate of x percent that is increased to 4 + x percent. This means that the interest paid increases from x percent of the principal to 4 + x percent of the principal. Therefore, the interest paid increases by 100 (4/x) %. For example, if a recent Federal funds rate of 1 % in the United States were to be increased by 4 %, the interest paid on any given amount of principal would increase by 400 %!
Eight hundred dollars is borrowed at an interest rate of 1.5 percent per month Find the interest paid over a period of 5 months?
$60.00
How much interest will be paid on 350 if the rate of interest is 18 percent?
63 dollars
Is the percent of the principal paid as interest per time period Answer?
yes
How do you find interest rate?
To find interest rate you multiply the price by the time by the percent
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