you deposite $120 in a savings account that pays an annual interest rate of 2.5% How much simple interest would u earn in 2 yrs?
2006-09-17 12:02:14 · 5 answers · asked by fillojeta a 1 in Education & Reference ➔ Homework Help
$120 at 2.5% = $3 on first year
$123 at 2.5% = $3.08 on second year
Totaling $6.08 interest
2006-09-17 12:12:16 · answer #1 · answered by Krystle 4 · 0⤊ 0⤋
$6.15, assuming that interest will be paid monthly, and compound, versus being distributed to a dividend check or deposit. Just so you know, many financial institutions have calculators right on their websites that will do figures like that for you, if you just fill in the information, as well as their rates and terms.
2006-09-17 19:11:45 · answer #2 · answered by ShouldBeWorking 6 · 0⤊ 0⤋
120 x .05 = 6 since it;s two years just double the interst rate. Like a CD or something.
2006-09-17 19:09:13 · answer #3 · answered by Grev 4 · 0⤊ 0⤋
(2.5 ^ 2 *120) -120 =
2006-09-17 19:15:42 · answer #4 · answered by u e 2 · 0⤊ 0⤋
$2.50 + $0.50= $3.00 + $120.00= $123.00 & $2.50+$0.06=$125.56 earning $5.56
2006-09-17 19:14:58 · answer #5 · answered by peace_livy 2 · 0⤊ 0⤋