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Interest rate

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Lorrator
 
Reply Fri 22 Apr, 2022 04:22 am
when will $2000 invested on 6march at simple interest rate of 15% accumulate to $2240?
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Type: Question • Score: 2 • Views: 263 • Replies: 2
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izzythepush
 
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Reply Fri 22 Apr, 2022 05:12 am
@Lorrator,
Eventually.

You not given the details, is that an annual percentage rate?

6th March when? Last year, this year, ten years ago?

What date are we looking for that amount to arrive, today, next week, next year?
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engineer
 
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Reply Fri 22 Apr, 2022 05:36 am
@Lorrator,
Simple interest = $240 = P x R x T
240 = 2000 x .15 x T
240 = 300 T
T = .8

You didn't say if that is per month or year, but it's 0.8 of them
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