What is the cost of 5 years of interest?

What is the cost of 5 years of interest?

for 5 years is $ 1,937.50. Paste this link in email, text or social media. Calculate simple interest on the principal only, I = Prt. Simple interest does not include the effect of compounding. Notes: Base formula, written as I = Prt or I = P × r × t where rate r and time t should be in the same time units such as months or years.

How do you find the principal on a $500 loan?

The principal was $500. STEP 1: Convert interest rate of 2\% per 6 months into rate per year. STEP 2: Convert 9 months into years. STEP 3: Find principal by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

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How much was the deposit (principal) after 9 months?

You deposit some money into a bank account paying 2\% simple interest per 6 months . You received $15 in interest after 9 months . How much the deposit (principal) was? The principal was $500.

How do you calculate simple interest per month?

t = Time period in years. When calculating simple interest by days, use the number of days for t and divide the interest rate by 365. Likewise, to calculate simple interest month-wise, use the number of months for t and divide the interest rate by 12.

How much interest do you need to earn to invest $30000?

Your Answer: R = 3.8126\% per year. Interpretation: You will need to put $30,000 into a savings account that pays a rate of 3.8126\% per year and compounds interest daily in order to get the same return as your investment account.

How long will it take $1000 to become $2K at 8\% interest?

It will take 9 years for the $1,000 to become $2,000 at 8\% interest. This formula works best for interest rates between 6 and 10\%, but it should also work reasonably well for anything below 20\%. Fixed vs. Floating Interest Rate The interest rate of a loan or savings can be “fixed” or “floating”.