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310.5%
To find this figure you will have to multiply the interest rate to the initial $1000, and get the total. For each subsequent year, you will need to add the interest accrued from the year before and then multiply that total by the interest rate again. After 7 years, there would be $1445.06 in the account.
A Bank interest rate is the rate of interest that the bank would offer us for having our deposits with them. For example: If a bank offers a 8% interest on a one year Time deposit, then if you deposit $1000 with them, you will get $80 as interest at the end of one year.
The typical interest rate for a payday loan is usually between 300 and 700%. This is due to the rather extreme risk on the part of the person or business issuing the loan, and in some cases, the interest rate can go beyond 1000% APR.
That will depend on the interest rate and whether it is simple or compound interest.
Assuming simple interest, you multiply the capital times the interest rate times the number of years.
310.5%
about how many years would it take for $1000 to become $2000 with an interest rate of 7.2
$6.66
200000
575
% rate:= 200000/952000 * 100%= 0.21 * 100%= 21%
% rate:= 10000/200000 * 100%= 0.05 * 100%= 5%
To find this figure you will have to multiply the interest rate to the initial $1000, and get the total. For each subsequent year, you will need to add the interest accrued from the year before and then multiply that total by the interest rate again. After 7 years, there would be $1445.06 in the account.
17.5%% rate:= 35000/200000 * 100%= 0.175 * 100%= 17.5%
The "13 percent rate" is the equivalent annual rate. So the interest will be 130.
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