Use the simple interest formula to solve the following problems:
How many months does it take to earn $180.oo interest on an investment if the
principal is $5000.00 and the interest rate is 2.00% per annum?
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Answer:
Simple Interest Formula:
1) If the time period of loan or investment is in months, then you can use the formula as mentioned below. Simple Interest= P x R x T ÷ (100 x 12)
2)To calculate the amount that you need to pay at the end of tenure or amount that you will receive at the end of the maturity period, you can use the below-mentioned formula.
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