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How much interest would you pay on 500.00 over 22 years at 3.5 percent?
Wiki User
∙ 6y ago
It depends if it is on compound or simple interest! I will show you how much for both simple and compound.
Simple:
500 / 100 =5
5 x 3.5 = 17.5
17.5 x 22 = 385
385 + 500 = 885
Compound:
500 (1+(0.035 / 1))22 = 1065.76
Overall, the compound interest will make you more, and is the most likely option for banks to use. Hope this helps you complete your math homework, or whatever it is!
Wiki User
∙ 6y ago
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