The annual (or annualised) interest rate.
2.25
5% ($72.50) per year.
6 ÷ 100 × 20000 = 1200
T = 3yrs
200 intrest
2.25
Rate of interest.
$2400
5% ($72.50) per year.
The amount of money earned on a principal called is interest
400.
It will be 160.
6 ÷ 100 × 20000 = 1200
interest
T = 3yrs
Interest = 2472
200 intrest