"5 percent" means 5 percent per year.
30 months = 2.5 years.
2.5 times 5 percent = 12.5 percent = 0.125
0.125 x 16,000 = 2,000
200
42
.05% or 1/20th of a percent
54
(5.1 x 4.25)/4 = 5.42
200
14
Eleven..? months? years?. Simple or compound interest?
42
1168.21
To calculate the interest paid on a loan of $800 at a 5 percent annual interest rate for 9 months, you can use the formula: Interest = Principal × Rate × Time. Here, the time should be in years, so 9 months is 0.75 years. Thus, the interest is $800 × 0.05 × 0.75 = $30. Therefore, the interest paid for the loan is $30.
The Discover Student More card offers and introductory 0 percent interest rate for up to 6 months. After that, the interest rate is variable at 13 percent on up to 20 percent for purchases.
.05% or 1/20th of a percent
3 months
21.28
21.28
Multiply the monthly interest rate by the number of months is a year to calculate the annual interest rate: 2% x 12mo = 24%