ECONOMICS
COMPOUND INTEREST
Question
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Find the Interest owed for if borrowing $775 at 8% per year for 3 years.

62


837


18600


186

Explanation:
Detailed explanation1: You can calculate your total interest by using this formula: Principal loan amount x interest rate x loan term = interest.
Detailed explanation2: To calculate simple interest on a loan, multiply the principal (P) by the interest rate (R) by the loan term in years (T), then divide the total by 100.
Detailed explanation3: The simple interest on Rs 15000 for a time period at 8% per annum is Rs 2400.
Detailed explanation4: The simple interest of a loan for $1, 000 with 5 percent interest after 3 years is $ 150.
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