ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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14
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140
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168
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16.80
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Detailed explanation-1: -Expert-Verified Answer Given : The simple interest on $800 for 3 years is $54.
Detailed explanation-2: -Principal = $ 3000, Interest = $ 400, Time = 3 years. Therefore, Rate = 4.44 %.
Detailed explanation-3: -Given: SI = 100. r = 10% t = 6 month = 6/12 year. Concept used: SI = Prt/100. P → princiapl r → rate of interest. Calculation: 100 = (P × 10 × 6)/(12 × 100) P = (100 × 100 × 12)/(10 × 6) P = 2000. Download Soln PDF. Share on Whatsapp.
Detailed explanation-4: -Step 1: To calculate your interest rate, you need to know the interest formula I/Pt = r to get your rate. I = Interest amount paid in a specific time period (month, year etc.) P = Principle amount (the money before interest) t = Time period involved. r = Interest rate in decimal. More items •18-Feb-2020