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How do you calculate fixed interest?

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Anonymous

13y ago
Updated: 5/14/2023

Fixed deposit interest is calculated using the simple interest concept

Interest = (principal * no. of years * rate of interest) / 100

principal = the amount you deposited

rate of interest = the amount in %

Ex: Deposit amount - 10,000

Rate of interest = 10%

no of days = 365

Interest = (10000 * 365 * 10) / (365*100) = 1000

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Trent Rodriguez

Lvl 10
2y ago

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