The formula for simple interest is Interest = Principal x Rate x Time ÷ 100 As the rate is an annual rate and the period is 1 year then Interest = Principal x 4.5/100. The balance at the year end = Principal + Interest = Principal x 104.5/100.
500 principal, 10 percent annual rate => 50 annual interest 2 year => 100 total interest.
Assuming 6.5% refers to the annual interest rate, the monthly interest is 111.04 approx.
441
2.25
The formula for simple interest is Interest = Principal x Rate x Time ÷ 100 As the rate is an annual rate and the period is 1 year then Interest = Principal x 4.5/100. The balance at the year end = Principal + Interest = Principal x 104.5/100.
500 principal, 10 percent annual rate => 50 annual interest 2 year => 100 total interest.
Assuming 6.5% refers to the annual interest rate, the monthly interest is 111.04 approx.
441
12.76
463.72
24.80
2.25
62
75
700.31
2.25