BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Maria borrowed $3, 000 at a simple interest rate of 4% per year. How much did she have to repay after 4 years?
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$480
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$3, 480
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$4, 800
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$7, 800
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Explanation:
Detailed explanation-1: -To calculate simple interest, multiply the principal amount by the interest rate and the time. The formula written out is “Simple Interest = Principal x Interest Rate x Time.” This equation is the simplest way of calculating interest.
Detailed explanation-2: -The simple interest formula is I=Prt. The P represents the principal. The principal is . Alexton the Skeleton borrowed $4, 000 for 5 years at 6% simple interest rate to pay for his band equipment.
There is 1 question to complete.