Simple interest
Simple interest
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Compute the interest the bank pays you over the given number of years.
You deposited $500 at an annual rate of 4% for 2 years.
How much interest will the bank pay in total?
€
What does this generator do?
The generator picks principal, rate and years so the interest comes out as a whole number of dollars.
How to solve it
Formula: interest = principal × rate × time ÷ 100. Multiply principal by rate by years and divide by 100.
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