SAT College

How much would a 10,000 deposit at five percent annual interest rate for three years earn

Answers

Answer 1

Answer:

$1615

Explanation:

Answer 2

A 10,000 deposit at five percent annual interest rate for three years earn 1500.

What is interest?

An interest rate indicates how expensive borrowing is or how lucrative saving is.

Therefore, if you are a borrower, the interest rate is the sum you pay for borrowing money and is expressed as a percentage of the overall loan amount.

The fee you pay to borrow money or the fee you charge to lend money is called interest. The most common way to represent interest is as a yearly percentage of the loan amount.

We know that,

Interest = P x R x T

Where,

P = Principal amount (the beginning balance).

R = Interest rate (usually per year, expressed as a decimal).

T = Number of time periods (generally one-year time periods).

Here,

P = 10000

R = 5% = 0.05

T = 3 years

So,

S.I. = 10000 x 0.05 x 3

S.I. = 1500

Thus, the total amount will be 1500.

For more details regarding simple interest, visit:

https://brainly.com/question/25845758

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