calculate 1.9percent for 5 years on \$30000.00

0  Views: 568 Answers: 1 Posted: 11 years ago

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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