Math CentralQuandaries & Queries


Question from lynn, a student:

I need to find what the interest will be for: 5000.00 @ 16.5%
annual rate, and the same for 10.8 % for 5000.00 annual rate all one question

thank you for your aid

Hi Lynn,

Suppose you had $\$2000.00$ in your savings account that paid $5.2\%$ simple interest per annum. At the end of the year you would have $5.2\%$ of $\$2000.00$ as interest. That's

\[0.052 \times \$2000.00 = \$10.40.\]


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