Leon deposit $400 into an account that pays simple interest at the rate of 2% per year how much interest will she be paid in five years
Leon deposit $400 into an account that pays simple interest at the rate of 2% per year how much interest will she be paid in five years
Simple interest formula= principle x rate x time
principle= $400
rate= 2% or 0.02
time= 4 years
so, SI= 400*0.02*4
SI= $ 32
Boris will pay an interest amount of $32
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A = $4,480.00
Step-by-step explanation:
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 2%/100 = 0.02 per year.
Solving our equation:
A = 4000(1 + (0.02 × 6)) = 4480
A = $4,480.00
TOTAL MONEY:4,480
INTEREST PAID:480
(there is a difference between them if you look closely)
Hope this helps 🙂
The interest to be paid in the first year is $80
Step-by-step explanation:
Simple Interest = p×R×T / 100
WHERE p= principal R= rate and t=times in year
we are given principal (p) = $4000
Rate (R) = 2 and Time T=1
We can now proceed to plug in our values in the formula
Interest = P×R×T / 100
=$4000×2×1 / 100 (The two zeros at the denominator will cancel-out two zeros at the numerator, we will be left with just 0 zero at the numerator)
=40 × 2×1
=$80
Therefore the interest to be paid in the first year is $80
2% per year
5 years
5 * 2 = 10 (10%)
4000 * .10 = 400 ($400 in the first 5 years)
480 will be the answer
$480
Step-by-step explanation:
Simple interest (I) is calculated as Principal x Rate x Time
From the question, P= 4000
Rate= 2% = 2/100 = 0.02
Time= 6 years
Then slot the values into the formula
I= 4000x 0.02x 6
=$480
In the first six years, charlie will be paid $480 as interest.
I hope you understand this, please mark as brainliest answer.