per year.......
If you want to calculate the interest on $3 at 2% interest per year after 24 year(s).
The formula we'll use for this is the simple interest formula, or:
I= P x
r x
t
Where:
P is the principal amount, $3.00.
r is the interest rate, 2% per year, or in decimal form, 2/100=0.02.
t is the time involved, 24....year(s) time periods.
So, t is 24....year time periods.
To find the simple interest, we multiply 3 × 0.02 × 24 to get that:
The interest is: $1.44
Usually now, the interest is added onto the principal to figure some new amount after 24 year(s),
or 3.00 + 1.44 = 4.44. For example:
If you borrowed the $3.00, you would now owe $4.44
If you loaned someone $3.00, you would now be due $4.44
If owned something, like a $3.00 bond, it would be worth $4.44 now.
Not sure why I did that....Bored, I guess!
Likes: 
Thanks: 
HaHa: 
Reply With Quote
Originally Posted by Iwannafish
per year.......
