Interest for 1st year = $6 Principal after 1 year = $206 Interest for 2nd year = $6.18 Principal after 2 year = $212.18 Total Interest earned after 2 years = $12.18
What is the future value of $1,200 a year for 40 years at 8 percent interest? Assume annual compounding.
The interest is 300% per year.
6% is 600x6/100 =36 per year. 3 years is 3x36 =108
With simple interest, you just multiply the capital, the number of years, and the yearly interest rate. For example, for a capital of 10,000 dollars, 3% interest, 10 years, that would give you 10,000 x 3/100 x 10 = 3,000 dollars interest.With compound interest, after the end of every year, the interest is added to the capital, before calculating the interest for next year.In the example above, the first year you get 10,000 x 0.03 = 300 dollars. This is then added to the capital, before calculating the interest rate for the next year; so, the second year you get 10,300 x 0.03 = 309 dollars interest.
12.248%
A simple interest rate of 10 per cent per year will double a sum of money in ten years.
Interest for 1st year = $6 Principal after 1 year = $206 Interest for 2nd year = $6.18 Principal after 2 year = $212.18 Total Interest earned after 2 years = $12.18
3% is the same as 0.03 and 0.03*110,000 = 3,300 in one year If it is simple interest, it will be 3300 every year. If it is compound interest, the 2nd years interest will be based on starting amount with first years interest added to it, and so on
What is the future value of $1,200 a year for 40 years at 8 percent interest? Assume annual compounding.
This depends on if the interest is compounding every year or not.
The interest is 300% per year.
It is 6%, as 360 is earned each year.
10 years. Compound interest would take 7 years.
Assuming the same rate of interest is applied after the first five years, it is 8.95%.
they make 250,000 a year but if u work for 2 years it doubles to 500,000 it doubles evry year but stops at 4 years because u can make 1000000 a year max
$150. 5% interest per $1000 is $50 per year. You had the loan 3 years- $50 x 3.