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Earn +20 ptsQ: How is simple interest earned?
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Are Simple interest calculated as a percentage of the bank balance and interest earned?
This answer is False!!
Would the statement 'Simple Interest is interest earned on interest' be True or False?
False. Interest upon interest is compounded interest
What is the interest earned on 600000?
Not enough information. The interest earned depends on the capital (which is the only datum provided), on the interest rate, on the time (for example, how long you leave interest in your bank), and on whether simple or compound interest was agreed.
What is the simple interest earned on 1 200 at 3.5 for 5 years?
200.00
Why does compound interest earn more than simple interest?
With compound interest, in the second and subsequent periods, you are earning interest on the interest earned in previous periods. If you withdraw the interest earned at the end of every period, the two schemes will earn the same amount.
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