ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Find the simple interest earned and the total amount in each case. Principal-$1000.00, Rate-5%. Time-5 Years. What is the Interest Earned and what is the Total Amount Earned?
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Interest Earned $250.00 Total Amount Earned $1250.00
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Interest Earned $2000.00 Total Amount Earned $3000.00
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Interest Earned $2.50 Total Amount Earned $1002.50
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Interest Earned $20.00 Total Amount Earned $1020.00
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Explanation:
Detailed explanation-1: -The simple interest of a loan for $1, 000 with 5 percent interest after 3 years is $ 150.
Detailed explanation-2: -(iv) Simple interest on Rs 1000 at 5% per annum for 73 days is Rs 10.
Detailed explanation-3: -5% = 0.05 . Then multiply the original amount by the interest rate. $1, 000 * 0.05 = $50 . That’s it.
There is 1 question to complete.