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    calculate 1.9percent for 5 years on $30000.00

    0  Views: 489 Answers: 1 Posted: 8 years ago

    1 Answer

    HI     I ASSUME YOU MEAN SIMPLE INTEREST WHERE INTEREST GAINED EACH YEAR IS NOT ADDED ON TO THE CAPITAL


    $30,000 AT 1.9% =  30000 X  1.9/100  =  300 X 1.9 =   $ 570 per YEAR INTEREST


    SO IN 5 YEARS YOU WOULD GET  5 X 570 = $2850 INTEREST


    IF YOU WANT COMPOUND INTEREST WHERE THE INTEREST IS ADDED ONTO THE CAPITAL EACH YEAR THEN


    1ST YEAR     $30,000 X 1.9/100 = $570


    2ND YEAR     $30000+570 = 30570 X 1.9/100 = $ 580-83cents


    3rd YEAR       $30570 + 580 -83 = $31150 -83 X 1.9/100 = 591.87


    4TH YEAR     $31150.83 + 591.87 =  $31742.70 X 1.9/100 = 603.11


    5TH YEAR      $31742.7 + 603.11 = 32345.81 X 1.9/100 = 614.57


    TOTAL   =       $32345.81 + 614.57 = $32960.38


    THEREFORE THE INTEREST WOULD BE   $32960-38 - $30000 =  $2960.38


    I HOPE THIS HAS HELPED AS YOU CAN SEE LEAVING THE INTEREST IN  HAS ONLY INCREASED THE INTEREST TOTAL BY   $110-38cents


    I HOPE THIS HAS HELPED    MONDEOMAN


     



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